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.
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.
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Updated Date: May 25, 2017 09:51:51 IST