"You should set priorities. While making the budget, instead of giving a wish list, you should give a priority list. Since we are developing country, we have to spend money on our other needs as well," Singh said.
He was speaking at the 268th Foundation Day Ceremony of the Defence Accounts Department, which also attended by Defence Secretary G Mohan Kumar, air force chief Arup Raha, who is also the Chief of Staff Committee (COSC), Financial Advisor of Defence Services (FADS) Sudanshu Mohanty.
"Money should be utilised efficiently. If anything is available for Rs 10, it should not be procured at Rs 100 and that too without compromising on the quality and that too in a limited time frame," the minister said.
Singh also commended the role of the Defence Accounts Department for its sincere efforts in helping the Government to implement the long overdue One Rank One Pension (OROP) scheme for ex-servicemen.
Raha said the money allocated in the budget is insufficient as compared to the demands and this can be observed across all government departments.
"So it is not the question of how much (money) is there in the budget, but it is more important on how do we spend that money... Quickly, efficiently so that we get the best results. So my mantra is utlilise full allocation of budget in a stipulated time in the best possible way to get best results," the Air Force chief said.