Lt Gen Sarath Chand was commissioned into the Garhwal Rifles in June 1979 and has had an outstanding professional career spanning over 38 years.
Vice Chief of Army Staff Lt Gen Sarath Chand had told the parliamentary panel that inadequate allocation of funds in the defence budget for 2018-19 will hit the army's modernisation plan.
Kirti Chakra was posthumously conferred on CRPF Commandant Pramod Kumar and Army Havildar Giris Gurung.
The army also stated that allocation of Rs 21,338 crore for modernisation is insufficient.
He said the killing of the two soldiers and beheading them showed frustration of the Pakistan military and asserted that it will never be able to justify the action.
The defence minister said that the expenditure has been highest in 2017-18. In the same manner, it was second highest in 2016-17 and third highest in 2015-16. The fourth highest defence expenditure since 2004-05 was in 2014-15.
The armed forces are facing a shortage of over 52,000 soldiers with the Army topping the list with over 21,000 vacant posts, the government said on Wednesday.
The video clips showed some terrorists being killed, besides destruction of bunkers and other military constructions.