Which of the following statements about the Defence Acquisition Council is are correct Defence ...........

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Which of the following statements about the Defence Acquisition Council is/are correct?

Defence Acquisition Council is chaired by the Prime Minister.
The Defence Acquisition Council has recently approved Strategic Partnership guidelines for boosting private sector participation in domestic defence manufacturing.

Select the correct answer using the codes given below

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Second option is correct.

The first statement is incorrect because the Union Defence Minister chairs the Defence Acquisition Counil and not the Prime Minister.

An overarching structure, the Defence Acquisition Council (DAC), under the Defence Minister was constituted for overall guidance of the defence procurement planning process.

The composition of the DAC is as follows:
Defence Minister: Chairman
The objective of the Defence Acquisition Council is to ensure expeditious procurement of the approved requirements of the Armed Forces in terms of capabilities sought, and time frame prescribed, by optimally utilizing the allocated budgetary resources.