New public procurement policy will promote growth of manufacturing: Ficci

The policy, approved by the Cabinet, is aimed at stimulating flow of capital and technology.

PTI May 25, 2017 09:51:51 IST
New public procurement policy will promote growth of manufacturing: Ficci

New Delhi: Industry body Ficci on Thursday hailed the government's move to approve a new policy to give preference to local goods and services in public procurement.

"This was the long-standing demand of Indian industry and is essential to promote domestic manufacturing growth. This is a legitimate tool under our multilateral commitments and with number of major government initiatives this can be leveraged to promote value addition, create employment and give a much needed boost to the manufacturing," Ficci Secretary General A Didar Singh said.

New public procurement policy will promote growth of manufacturing Ficci

Reuters

The government on Wednesday approved a policy to give preference to local goods and services in public procurement with a view to generate employment and promote 'Make in India' initiative.

The policy, approved by the Cabinet, is also aimed at stimulating flow of capital and technology. "Under the policy, preference in government procurement will be given to local suppliers," an official statement said.

Local suppliers are those whose goods or services meet prescribed minimum thresholds (ordinarily 50 percent) for local content, which is essentially domestic value addition.

The local content, it said, can be increased through partnerships, cooperation with local companies, establishing production units in India or joint ventures with Indian suppliers, increasing the participation of local employees in services and by training them.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Narendra Modi unveils Vivekananda statue at JNU amid student protests, says 'ideology should not override national interest'
India

Narendra Modi unveils Vivekananda statue at JNU amid student protests, says 'ideology should not override national interest'

JNU students flashed posters of 'Modi go back' and 'we want answers' ahead of the unveiling of the statue by the prime minister at the varsity's north gate

Love jihad and the law: How can marriage be solely for the purpose of conversion?
India

Love jihad and the law: How can marriage be solely for the purpose of conversion?

BJP CMs have declared their intention to enact laws against this practice but the fear of physical harm has failed to deter young women from marrying out of choice

UPSESSB scraps recruitment process to fill 15,508 posts of trained graduate, postgraduate teachers in Uttar Pradesh
India

UPSESSB scraps recruitment process to fill 15,508 posts of trained graduate, postgraduate teachers in Uttar Pradesh

The UPSESSB deputy secretary Naval Kishore said that the board will be releasing a fresh recruitment advertisement to fill the vacant posts after addressing all legal issues. Candidates who have already applied will not be required to register again