A proposal for creation of Non-Lapsable Defence Modernisation Fund (DMF) is under consideration with Ministry of Defence. DMF will be available for modernization of Defence Forces and would supplement the regular yearly budgetary allocations by eliminating any uncertainty in provisioning of adequate funds for various defence capability development and infrastructure projects.

A suitable mechanism for operationalising the fund is being worked out in consultation with the Ministry of Finance.

This information was given by Raksha Rajya Mantri Shri Ajay Bhatt in a written reply to Shri Balashowry Vallabhaneni in Lok Sabha today.

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ABB/Savvy

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