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India can now take defence assets on lease

Sep 28, 2020 22:39 IST

India can take defence assets on lease as and when required, the Defence Ministry said on Monday while releasing the new defence acquisition procedure. Defence Minister Rajnath Singh unveiled a new Defence Acquisition Procedure 2020 in New Delhi which took a year to frame after taking all stakeholders on board, including Indian and foreign industries as well as think tanks. It has five new categories and the policy pertaining to leasing has been included for the first time. Officials said there is not a list of leasing equipment and it would be on a case to case basis. The officials said leasing is a new category introduced to enable operating of assets without owning thereby, substitute huge initial capital outlays.