The Indian Government has said that it has approved a public procurement policy to give preference to domestically manufactured goods with a view to promote 'Make in India' initiative.
As per reports, the move would facilitate local manufacturing and boost domestic demand for locally manufactured products.
As per reports, there will be preference in public procurement on the basis of minimum local content. Only local suppliers will be eligible in procurement of Rs 50 lakh or less, if sufficient local capacity and competition ensured.
Commenting on the issue, Finance Minister Arun Jaitley told the media, "The preference to the domestic manufactured goods would be given under the "Government Procurement Preference to Make in India order 2017".
The ministry said that eligibility norms/conditions would be made non- restrictive and avoided in tenders.
"20 per cent margin of purchase preference for local suppliers in procurement of more than Rs 50 lakh," it added.
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