Finance Ministry notifies restriction on global tenders of upto Rs 200 crore
New Delhi, June 1 (KNN) The Ministry of Finance has reiterated through a notification that there will be restriction on global tenders for amounts up to Rs 200 crore covered all goods and services, including consultancy services and turnkey projects.
Further, ministries or departments that needed to float global tenders for amounts below the threshold would have to seek approval from the cabinet secretariat, which functions directly under Prime Minister Narendra Modi, the notification released on Thursday said.
On May 13, finance minister Nirmala Sitharaman had made the announcement regarding the restrictions on global tender as part of the first tranche of the Atmanirbhar Bharat package.
The move is aimed at benefiting the micro, small and medium enterprises (MSMEs) in order to protect the sector from unfair competition from foreign companies.
This would not only help MSMEs but also help achieve Atmanirbhar Bharat and further the Make in India initiative, she had said.