Policy for giving preference to `Make in India’ in govt procurements

Speed Post News Network

New Delhi : The Union Cabinet chaired by PM Narendra Modi has approved a policy for providing preference to ‘Make in India’ in government procurements. The new policy will give a substantial boost to domestic manufacturing and service provision thereby creating employment.

It will also stimulate the flow of capital and technology into domestic manufacturing and services and provide a further thrust to manufacture of parts, components, sub-components etc. of these items, in line with the vision of ‘Make in India’, according to a PIB release.

The new policy is the reflection of the Government of India to encourage ‘Make in India’ and promote manufacturing and production of goods and services in India with a view to enhancing income and employment. 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, according to the PIB release.