Present in the meeting will be the three service chiefs General MM Naravane, Admiral Karambir Singh and Air Chief Marshal RKS Bhadauria and CDS General Bipin Rawat

The meeting came in the wake of the crisis with China along the Line of Actual Control (LAC). As per estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years

New Delhi: Defence Minister Rajnath Singh on Monday released New Defence Acquisition Procedure at Defence Acquisition Council meeting in South Block. Present in the meeting will be the three service chiefs General MM Naravane, Admiral Karambir Singh and Air Chief Marshal RKS Bhadauria and CDS General Bipin Rawat.

As per estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years, news agency PTI reported.

The meeting came in the wake of the crisis with China along the Line of Actual Control (LAC). While speaking in Parliament during the recently concluded Monsoon Session, the defence minister had said China continues to be in illegal occupation of approx 38,000 sq. km in Ladakh. "In addition, under the so-called Sino-Pakistan 'Boundary Agreement' of 1963, Pakistan illegally ceded 5,180 sq. km. of Indian territory in PoK to China," he added.

Notably, Singh has stressed said that a country that depends on imports for its military equipment can never be strong and asserted that being self-sufficient in the defence sector is linked to "self-respect" and "sovereignty". On Saturday, he mentioned the government's decision to put restrictions on import of 101 weapon and military platforms, including light combat helicopters, conventional submarines and cruise missiles, under a staggered time-line till 2024.

"This single decision has created an opportunity to manufacture defence equipment worth Rs 52,000 crore per year in India," he said at an event.

The defence minister explained that the government's decision to make India "self-reliant" does not mean that doors are being closed, but signifies that more doors are being opened for companies to do manufacturing in the country. The Centre will soon also bring a new Defence Production and Procurement Policy, he said online during the event titled "Deendayal Smriti Vakhyayan".