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The government is planning to tweak its procurement policy to give a fillip to domestic manufacturing. The industry department has floated a proposal to raise the minimum local content requirement for public procurement for Class-I and -II suppliers from 50 per cent currently to 70 per cent, and 20 per cent as of now to 50 per cent, respectively.
Ahead of the Union Budget 2024, we discuss the upcoming interim Budget in India and the debate surrounding welfare schemes and freebies. Prime Minister Narendra Modi opposes schemes from opposition-ruled state governments that offer cash or incentives, calling them 'revdis'. The Indian government is likely to extend social security to domestic workers and increase funds transferred under the PM Kisan scheme. The lack of a clear definition adds fuel to the debate.
A deft handling of these two situations has helped India stay neutral and even gain some dividends, but the harsh reality is that these two wars have aggravated global economic uncertainty. Their fallout on the Indian economy is inevitable even though some economists whom ET spoke to argue that tailor-made policy measures can limit the damage.
President Joe Biden formally introduced the Indo-Pacific Economic Framework this week, revealing Washington’s long-awaited Asia-Pacific economic strategy.
President Joe Biden formally introduced the Indo-Pacific Economic Framework this week, revealing Washington’s long-awaited Asia-Pacific economic strategy.