Indian companies at a disadvantage in tenders, says Commerce ministry
The Ministry of Commerce and Industry has objected to the conditions imposed on Indian companies related to public procurement tenders, according to a report in The Times of India.
The matter is now being investigated by the Central Vigilance Commission (CVC).
TOI reported that the ministry has written a strongly-worded letter to the ministry of electronics and information technology (MeitY), emphasising that the move hampers employment generation and income.
Some of these conditions, as per the commerce ministry, includes inappropriately high experience and turnover requirements.
A source told the daily that many central agencies are including these restrictive conditions on the tender document against the local suppliers. As there is a slowdown in investment and growth, there is increased pressure on many sectors including manufacturing.
MeitY is also in the process of meeting the electronics manufacturers to understand their.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.