Indian oil firms to give preference to local goods and services

NEW DELHI (Reuters) - Indian state-run oil companies will give preference to local firms for procuring goods and services, a government statement said on Wednesday, as the south Asian nation looks to boost its industrial growth by increasing local demand.

Under the five-year policy approved by the Indian cabinet, goods and service providers who meet the local content targets and whose quoted price is within 10 percent of the lowest valid price bid would be eligible for preference.

(Reporting by Sudarshan Varadhan, editing by David Evans)