Government unveils tit-for-tat public procurement policy

Government unveils tit-for-tat public procurement policy

Note4students

Mains Paper 3: Economy | Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth

From UPSC perspective, following things are important:

Prelims level: Particulars of ‘Make in India’ initiative(read story attached with the newscard)

Mains level: The new policy can be quoted in Mains paper as an example of the efforts of Indian Government for ‘Make in India’ initiative.

News

  1. What: Government may restrict bids of foreign companies for Government Procurement in India if in their country there is any restriction on Indian suppliers for the same
  2. Why this step: This provision of  “reciprocity” has been included in the Indian government’s new policy to encourage ‘Make in India’ by granting preference to local suppliers in public procurement
  3. Committee for implementation: A five-member committee chaired by the Secretary in the Department of Industrial Policy and Promotion has been set up to oversee the implementation of the policy
  4. Aim of the tit-for-tat policy: This policy is aimed at boosting domestic manufacturing and services, thereby creating employment and enhancing income, as well as to stimulate the flow of capital and technology into domestic manufacturing and services

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