The central government on Wednesday approved a policy which mandates preference to domestically manufactured iron and steel products (DM1&SP), in government procurement.
The decision was taken by the Union Cabinet, whose meeting was chaired by Prime Minister Narendra Modi.
"The policy is applicable on all government tenders where price bid is yet to be opened, DMI&SP policy provides a minimum value addition of 15 per cent in notified steel products which are covered under preferential procurement," the Union Cabinet said in a statement.
"In order to provide flexibility, Ministry of Steel may review specified steel products and the minimum value addition criterion."
--IANS
rv/bg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app