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July 9, 2020
KhabriBaba
Business

PSU companies move on indigenization, will buy products from domestic companies

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Amidst the corona havoc, the public companies of India (PSU) will pay attention to domestic companies in their purchases. All PSU companies will soon release a list of all the products they will only buy from domestic companies. This step is being taken by PSUs to encourage Make in India and especially domestic MSMEs. During the announcement of the relief package, Finance Minister Nirmala Sitharaman also said that foreign companies will not be able to participate in the tender for the purchase of up to 200 crores.

Recently in the program of an industrial organization, Petroleum Secretary Tarun Kapoor told that PSU will make all their big purchases from domestic route to encourage Make in India so that domestic companies can get its benefits.

In his statement, he told that soon he will release a list of such products whose production is possible domestically. According to the ministry sources, all PSUs have been instructed to give priority to domestic companies in their purchases and all companies will issue a list of their products, in which purchases will be given priority to domestic companies. According to sources, domestic companies will also be given priority in the purchase of telecom and power equipment. However, in these areas, India depends to a large extent on imports. The Ministry believes that this trend will start construction at the domestic level even in those areas where no production is being done yet.

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