Aiming at encouraging suppliers and service providers to adopt 'Make in India' practices, the Cabinet has approved a policy to provide Purchase Preference in all the Public Sector Undertakings under the Ministry of Petroleum and Natural Gas.
The Cabinet also decided to constitute a steering committee to oversee the implementation of the policy. The Committee would carry out annual review and recommend continuation of the policy from year-to-year basis.
Under the policy, approved on Thursday, the targets of Local Content (LC) will be stipulated for certain oil and gas business activities, Bureaucracy Today has learnt.
The manufacturers or service providers who meet the local content target would be eligible for purchase preference for a stipulated portion of the purchase order on matching such price.