Panaji, Mar 28 (IANS): Defence Minister Manohar Parrikar on Monday announced the new defence procurement policy which he said embodies transparency, speed and the 'Make in India' concept.

Speaking at the inaugural function of the Defence Expo 2016 in South Goa district, Parrikar said a new top priority category had been introduced in the policy in order to encourage defence equipment designed, developed and manufactured in India.

"We have ensured that there is more transparency, but procurement also takes place faster, which you will realise through defence procurement procedure (DPP)," Parrikar said, adding that the policy document has been uploaded on the ministry website.

The final version of the policy document will be uploaded in 15 days after incorporation of "small annexures and corrections".

"This DPP, I believe, can actually push the agenda of 'Make in India' and India's target of achieveing major success in creating defence industry network for its own need as well as exports," Parrikar said.

"Technology is changing almost every year and India is one country which has huge pool of engineers and technology people who can convert many requirements of defence into actual production," the minister said.

Parrikar said a new top priority concept called "Indian-designed developed and manufactured (IDDM)" had been included in the DPP which he said would help indigenise the industry.

"The IDDM category would encourage local industry," Parrikar said.

There are 1035 companies participating in the four-day Defence Expo 2016, which has been billed as India's biggest ever land, naval and homeland security exhibition.