Finance Minister Nirmala Sitharaman in her press conference on Wednesday (13 May) announced that no global tender will be floated for government procurement up to Rs 200 crore.
This step has been taken to protect Indian businesses and MSMEs from unfair competition from foreign companies. Necessary amendment will be carried out in general financial rules for the same.
Besides helping Indian MSMEs get more business, this development will be a push towards a self-reliant India.
All existing government agencies like railways, highways and other departments will give an extension of 3-6 months to contractors for existing ongoing works. This will cover construction and goods-services work contracts.
The government will also partially release bank guarantees with respect to the total work done, so as to increase cash liquidity.
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