In a written reply in the Rajya Sabha, Parrikar said a total of 41 proposals have been cleared by the Defence Acquisition Council (DAC) since June 2014.
Prime Minister Modi assumed office May 27.
The minister added that a large number of defence equipment are being manufactured in India using Transfer of Technology (ToT).
"Manufacturer Recommended List of Spares (MRLS) is an integral part of every contract and the requisite spares are supplied by the manufacturer," he added.
In response to another question on modernisation of armed forces, the minister said: "Modernisation of the Indian defence forces is a continuous process based on threat perception, operational challenges, technological changes and available sources.
"The process is based on a 15 Year Long Term Integrated Perspective Plan (LTIPP), Five Year Services Capital Acquisition Plan (SCAP) and an Annual Acquisition Plan (AAP)."
"Procurement of equipment and weapon systems is carried out as per the AAP in accordance with the Defence Procurement Procedure," he said.