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Government to sell defense land to create fund for defense modernization

The government is preparing to sell defense land to build a new fund for military modernization. The finance ministry has proposed that only half the money raised to be given to the armed forces and the rest be transferred to the Consolidated Fund of India. 

The government has approved creating a non-lapsable defense modernization fund but details are still being worked out. The proposal of the finance ministry to use half the money generated in the Consolidated Fund of India is yet to be considered by the government. 

Another restriction on the fund proposed by the finance ministry is that it be used only after the annual budgetary grant given to the armed forces has been exhausted. It also proposed that if the non-lapsable fund is not used for three years, it be sent back to the Consolidated Fund of India.

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