Tag: Department for Promotion of Industry and Internal Trade

Govt tenders worth Rs 25k-cr cancelled, modified for Make in India products

A tender worth Rs 8,000 crore was withdrawn and re-issued at the intervention of Department for Promotion of Industry and Internal Trade.

Current Affairs:-Government tenders worth over Rs 25,000 crore were either dropped or re-issued after the Department for Promotion of Industry and Internal Trade (DPIIT) ventured in to change their conditions so as to advance ‘Made in India’ merchandise, a high ranking representative said.

“The division is making each stride for compelling usage of open acquirement request, 2017, to advance ‘Made in India’ items,” said the authority.

The government provided the request on June 15, 2017, to advance assembling and generation of products and ventures in India and upgrade pay and work in the nation.

A delicate worth Rs 8,000 crore was pulled back and re-issued with adjusted conditions after the intercession of the DIPP. The venture was connected with setting up of a urea and smelling salts plant for gasification.

Correspondingly, a delicate for acquisition of train set mentors was dropped as the delicate had certain prohibitive conditions which were unfair against local producers and favored remote players. The task cost was Rs 5,000 crore.

A delicate for Rs 8,135 crore was altered with updated qualification criteria for setting up of a 3×800 MW venture. A delicate worth Rs 3,000 crore for Mumbai Metro was likewise changed.

The move expect hugeness as concerns have been raised by specific quarters about the prohibitive and prejudicial statements being forced against local makers and providers in delicate archives for open obtainment.

The division had before held a progression of gatherings with all the concerned offices and services including steel, railroads, safeguard, oil and gas, pharmaceutical, hardware, media communications, overwhelming businesses, materials, sending and power in such manner.

“Bearings were given to guarantee exacting consistence of the request in letter and soul. All nodal services were coordinated to guarantee warning of nearby substance,” the authority included.

Under the Public Procurement (Preference to Make in India) Order, it was conceived that all focal government offices, their connected or subordinate workplaces and self-ruling bodies constrained by the Government of India ought to guarantee buy inclination be given to local providers in government obtainment.

A year ago, the Central Vigilance Commission had issued mandates to all focal watchfulness officials to practice oversight on all agreements of over Rs 5 crore to guarantee that prohibitive and prejudicial statements against residential providers are excluded in the delicate records for open acquisition and that the delicate conditions are in a state of harmony with the request.

Further, the authority said that any complaint identified with the issue will be dealt with by the standing board of trustees on execution of this request. It is led by the DPIIT Secretary.

A few offices and services including pharmaceuticals and barrier generation have effectively recognized various things which would have a base degree of residential substance.

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FDI inflows contract in FY19, first in 6 yrs, on weak economic conditions

Singapore replaces Mauritius as the top source of FDI

Economy:-Inbound outside direct value ventures declined without precedent for a long time in FY19, in accordance with the generally speaking feeble monetary conditions.

Most recent figures discharged by the Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday demonstrated that value inflows decreased to $44.36 billion, somewhere around 1 percent from $44.85 billion a year ago.

“Aside from a pause and-watch approach embraced by worldwide financial specialists before the races, instability in the securities exchange and the in general feeble soundness of the corporate segment may have frightened away new inflows,” said Devendra Pant, boss market analyst at India Ratings.

India’s economy is authoritatively anticipated to grow 7 percent in FY19 — most minimal in the Modi government’s first residency. Private speculations stayed curbed and request, especially in the provincial segment, was quieted.

Nonetheless, speculators may now rally around the enormous command given to PM Modi and ventures may rise in like manner, he included.

In FY19, Singapore ended up being the biggest wellspring of seaward assets with FDI rising about 25 percent to $16.22 billion. This was trailed by Mauritius at $6.8 billion and Japan at $2.98 billion. India reexamined its duty arrangement with Mauritius and Singapore, which has completely become effective from the current money related year.

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