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The Indian government will liberalize procurement rules for new and innovative products starting September 29, 2024.
As part of its broader strategy to enhance public procurement processes.
Key Points:
- The goal is to attract investments in 14 key sectors, including Electronics, Pharmaceuticals and Textiles.
- This move supports the Production Linked Incentive (PLI) scheme, aimed at boosting investments and creating jobs.
- An inter-ministerial meeting will decide which products qualify as “new and innovative” to benefit from the relaxed regulations.
Expected outcomes include faster adoption of innovative technologies and a more competitive environment for both domestic and foreign investors.
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