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A Non Lapsable Acquisition Fund in Sight?

Indian Armed Forces access for finances for capital acquisitions may just be getting easier. If the proposal by the Ministry of Defence for “in-principle,” approval of Ministry of Finance for creation of Non-lapsable Capital Fund Account sent on 9 February 2017 is agreed to, this will be one part of the battle won. Given that the proposal has been accepted by the Defence Minister Mr Arun Jaitely who is also the Finance Minister there is some hope that the mandarins in North Block housing the Finance Ministry may look at the same favourably. However there is no surety that this be so, for India’s financial bureaucracy – both at the Ministry of Finance and Defence Finance has been opposing the creation of a non lapsable fund for capital acquisitions for over a decade.

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