Govt clears new Defence Procurement Procedure
The government on Monday cleared the new Defence Procurement Procedure (DPP) that focuses on fast-tracking acquisitions and Indian-made products. Defence Minister Manohar Parrikar said, "[T]he new DPP will be loaded on to our website on 28 March. It will be effective from 2 April." After the announcement, stocks of Defence-related companies gained up to 10% in early trade on Tuesday.