The Union Government on Wednesday approved policy for providing preference to 'Make in India' in Government procurements.
The decision was taken in a meeting chaired by Prime Minister Narendra Modi.
This new policy will give a substantial boost to domestic manufacturing and service provision and will thereby create employment.
It will also stimulate the flow of capital and technology into domestic manufacturing and services and will provide a further thrust towards manufacture of parts, components, sub-components etc.
The new approved policy is the reflection of the Government of India to encourage 'Make in India' and promote manufacturing and production of goods and services in the country with a view to enhancing income and employment.
The policy will be implemented through an Order pursuant to Rule 153(iii) of the General Financial Rules, 2017 to provide purchase preference (linked with local content) in Government procurements.
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 (ordinarily 50%) for local content. Local content is essentially domestic value addition. (ANI)
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