To help Indian MSMEs and other domestic companies, the Narendra Modi government on Wednesday announced that global tenders will be disallowed in government procurement up to Rs 200 crore.

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"Indian MSMEs and other companies have often faced unfair competition from foreign companies. Therefore, global tenders will be disallowed in government procurement tenders up to Rs 200 crore," said union finance minister Nirmala Sitharaman.

Unfair competetion from foreign companies to become a thing of the past; Global tenders to be disallowed in Government procurement upto Rs 200 crores#AatmaNirbharBharatAbhiyan #atmanirbharbharat pic.twitter.com/voj3hstdOR

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"Necessary amendments of General Financial Rules will be effected. This will be a step towards self reliant India and support Make in India. This will also help MSMEs to increase their businesses," the finance minister said.

First Published:May 13, 2020 5:46 PM IST