The decision was taken during a Defence Acquisition Council (DAC) — the highest decision making body on new procurement at MoD — meeting chaired by Defence Minister Manohar Parrikar.
The government will try to publicly declare the contents of the new DPP by March 28 and hopes to make it effective from April 2.
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The new DPP will also have provision for allowing the DAC to fast track the procedure by bypassing the Acceptance of Necessity (AON) process, in urgent cases like requirements in the Special Forces.
He said acquisitions worth close to Rs 3.12 lakh crore has been approved by the DAC since the Modi government took chrge in May, 2014. However, none of the projects have till date converted into contracts – due to a lack of clarity on various procurement issues.