Parrikar's tenure as Defence Minister was marked by fast-paced decision-making as the Defence Acquisition Council (DAC) cleared a range of projects and military purchases. He had also pushed for a number of stalled acquisition projects.
The deals finalized during Parrikar's tenure included purchase of 21 Apache attack helicopters and 15 Chinook heavy-lift choppers from American aviation giant Boeing and the US government.
In March last year, Parrikar had come out with a new defence procurement policy with an aim to ensure transparency in defence deals, fast-track acquisition process and indigenization of defence procurement.
In September last year, India had inked a Euro 7.87 billion (approx Rs 59,000 crore) deal with France for purchase of 36 Rafale fighter jets capable of carrying nuclear weapons and equipped with latest missiles.
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Parrikar had assumed charge of Defence Ministry in November 2014 from Finance Minister Arun Jaitley.
In Panaji, Union minister Nitin Gadkari today said Parrikar will resign as Defence Minister before taking oath as the new Chief Minister of Goa.
Prime Minister Narendra Modi is likely to hold the Defence portfolio till a replacement for Parrikar is found.
Earlier in the day, the Goa BJP passed a resolution requesting the central leadership to make Parrikar the Chief Minister. BJP's prospective allies had also made Parrikar's return a pre-condition for their support.
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