DPIIT revises Public Procurement Order to encourage Make in India
The Department of Promotion of Industry and Internal Trade (DPIIT) recently revised Public Procurement Order in order to provide preference to Make in India initiative.
According to the order, DPIIT has prescribed minimum of 60% procurement of local content for the year 2020-21, 70% for the years 2021-23 and 80% for the years 2023-25. This is applicable to chemicals and petrochemicals. DPIIT has identified 55 chemicals and petrochemicals that are eligible to bid for more than Rs 5 lakhs of procurement.
The step will help to boost Atma Nirbhar Bharat Abhiyan that was launched by PM Modi during lock down 4.0. Also, it will help to increase domestic production. Under Atma Nirbhar Bharat Abhiyan, GoI allocated Rs 20,000 lakh crores. The fund allocated is being used in MSME, Agriculture, MGNREGA, fisheries, street vendors, Dairy sector, etc. The fund is 10% of country’s GDP. The 10% contribution was decided by the meet of several international countries and members at the United Nations.
The Defence Sector is also placing indents in Ordnance Factory in Medak of Telangana to boost Make in India.
Month: Current Affairs - June, 2020
Category: India Nation & States Current Affairs