Gen Naravane welcomed the federal government’s land monetisation policy saying it’s going to assist the three companies in overcoming budgetary constraints.
Under the land monetisation framework, authorities businesses and departments have been allowed to use their land holdings to generate income or create infrastructure with out burdening the state exchequer.
“Lot of progress has been made on monetisation of land. We have gotten permission to purchase equal worth infrastructure for land. Under this policy, we’ll take ahead the monetisation of land,” Gen Naravane mentioned.
“Because of the COVID-19 state of affairs, land prices have come down. Because of that we’re ready. We will take it ahead when the state of affairs improves. It will probably be a superb factor for 3 companies as we will probably be ready to purchase equal worth infrastructure for unused land,” he mentioned.
On the Army’s modernisation plan, he mentioned obligatory budgetary help has been acquired to preserve tempo with it.
“We have additionally received the mandatory budgetary help for the contracts that have been signed as a part of the acquisition plan,” he mentioned.
“I’m additionally glad to say that greater than 80 per cent to 85 per cent of the contracts that are signed are made by Indian firms as a part of our efforts to indigenise,” he added.