Arun Jaitley, in his capacity as the country’s Defence Minister, said that procurement process for all the services have to be expedited.

Jaitley said, “Procurement has been a constraint. The new government is fully aware of it.

“National security is an issue which has always been a priority issue for us and, therefore, while balancing the resource constraint and making available all the resources that are required for national security is going to be the approach of the government.”

The major challenges, Jaitley said, are that the country needs more procurement and faster procurement.

Asked if he got a chance to see the recently retrieved submarine, INS Sindhurakshak, Jaitley said, "it was shown to me from outside."

On the question if the vessel can still continue in service, he said, "that is something the Navy will decide."

On More FDI

On the question of allowing more foreign investment in Defence, Jaitley said, “wait for four more weeks.” Also, in charge of the portfolio of finance, Jaitley is likely to present the first Union Budget of the new Government in early July.

He will be faced with a daunting task of cutting down expenditure to contain India’s bludgeoning fiscal deficit and at the same time providing enough money for modernising the country’s Defence systems in a rapidly changing global geo-political environment.

Jaitley was in the city to inaugurate two new coast guard ships and will meet the regulators and some financial institutions later in the day.

Earlier today, he commissioned two fast patrol vessels Achook and Agrim for the Indian Coast Guard.

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