To boost domestic manufacturing under the Make in India initiative and reduce dependency on imports, the government is expected to announce in the Budget an increase in the minimum local content requirement for public procurement, with certain sectors being granted exceptions.
Currently, firms producing goods, services, or works with at least 50 per cent local content are classified as ClassI local suppliers and are preferred the most in government procurement. Class-II local suppliers, whose goods, services, or works have 20-50 per cent local content, receive second preference. Non-local suppliers, with less than 20 per cent local content, are generally the PAGE 4 least preferred under the Public Procurement Order, unless no Class-I or Class-II suppliers are available for a specific need.
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Esta historia es de la edición July 10, 2024 de Business Standard.
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