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Rs 20,000 cr lying in unused defence funds, No Interest earned- Manohar Parrikar

Rs 20,000 cr lying in unused defence funds, No Interest earned- Manohar Parrikar

Manohar Parrikar

Can you believe it, An exorbitant sum of Amount, Rs 20,000 crore lying in unused defence funds unnoticed by Previous UPA government, is a untold story enough to expose mismanagement and complete failure of System. Added to this,  it didn’t earn any interest. It is been revealed by Manohar Parrikar on Friday that $3 billion (around Rs 20,169.75 crore) was lying unnoticed and forgotten in a US account and still India was paying the US Department of Defence (Pentagon) for new weapons (despite $3 billion was available).

Parrikar in the report said that due to ill-management, or lack of attention to this account, the country had slightly less than $3 billion which is piled up in the account and has not been earning interest. He added that he saved money from this year’s capital budget as he had drawn on this account.Read More

Manohar Parrikar saved Rs 3,000 crore

Parrikar said that he had saved up to Rs 3,000 crore by tightening up payment norms to Indian vendors, which include defence public sector undertakings (DPSUs)

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