SME Times is powered by   
Search News
Just in:   • Google kills feature to book Uber rides through Maps  • Microsoft buys student video discussion platform Flipgrid  • Macro data relief!  • Kochhar 'to go on leave', Bakhshi new COO: ICICI Bank  • Biggest loan waiver scheme for farmers in Rajasthan: Raje 
Last updated: 25 May, 2017  

India Flag Amblem THMB Govt approves public procurement policy for local suppliers

Inflation
   Top Stories
» Govt to spend $1 bn to boost services exports: Prabhu
» Govt releases report on pharma exports to China
» Kovind in Greece, calls for higher bilateral trade
» 'NIFTEM has potential to become Harvard of food processing sector'
» Modi hints at more steps to push growth to double digit
SME Times News Bureau | 25 May, 2017
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a policy for providing preference to local suppliers in government procurement.

The new policy is expected to encourage 'Make in India' and promote manufacturing and production of goods and services in India with a view to enhancing income and employment, said a cabinet communique.

"Under the policy, preference in government procurement will be given to local suppliers. Local suppliers are those whose goods or services meet prescribed minimum thresholds for local content," it said.

In procurement of goods for Rs. 50 lakhs and less and where the nodal Ministry determines that there is sufficient local capacity and local competition, only local suppliers will be eligible.

For procurements valued at more than Rs 50 lakh or where there is insufficient local capacity/ competition) if the lowest bid is not from a non-local supplier, the lowest-cost local supplier who is within a margin of 20 per cent of the lowest bid, will be given the opportunity to match the lowest bid, the statement said.

In fact, procurement by the government is substantial in amount and can contribute towards this policy objective.

Local content can be increased through partnerships, cooperation with local companies, establishing production units in India or Joint Ventures (JV) with Indian suppliers, increasing the participation of local employees in services and by training them.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 19 Jun, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(27)
» RBI eases NPA norms for MSMEs(1)
» Modi interacts with Digital India beneficiaries(1)
» Modi interacts with young innovators, start-up entrepreneurs(1)
» Exports to China up 40 percent in 2017(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter