Daily Current Affairs 2020 Govt amends General Financial Rules to ensure procurement from domestic firms | Daily Current Affairs 2020

Govt amends General Financial Rules to ensure procurement from domestic firms

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Government has notified amendments to General Financial Rules (GFR) to ensure that goods and services valued less than  200 crore rupees are being procured from domestic firms. In a tweet, the Office of Finance Minister Nirmala Sitharaman said the Center has notified the amendments to the GFR 2017 to ensure that henceforth global tenders will be disallowed in government procurement up to 200 crore rupees, as announced in the Aatmanirbhar Bharat Package. It is a big boost to domestic suppliers especially MSMEs.

Last week, the Minister had announced an economic support package for micro, small and medium enterprises (MSMEs), which includes disallowing global tender for government procurement up to   200 crore rupees.

Source: News On Air

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