India TV : May 13, 2020, 05:26 PM
New Delhi: Union Finance Minister Nirmala Sitharaman today announced that global tenders will be disallowed in government procurement up to Rs 200 crores. Sitharaman said 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 crores. Necessary amendments of General Financial Rules will be effected, she said. This will be a step towards self-reliant India and support Make in India, the finance minister said, adding that it would also help MSMEs to increase their business.Meanwhile, Sitharaman also announced Rs 3 lakh crores collateral-free automatic loans for Micro Small Medium Enterprises (MSME) sector as the country battles the coronavirus crisis. The tenure of the loan being offered to businesses and MSMEs will be four years.