Public procurement: Industry waits for $650-bn opportunity

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The recent policy to allow preference to domestic companies in government procurement may open up a massive order basket of an estimated $650 billion per year to domestic manufacturers and service providers. The entire gamut of government procurement is difficult to estimate but taking into account spending on defence, crude oil, agriculture, it comes to an estimated $650 billion annually, a senior government official said under condition of anonymity. Although the government procures products and services across the board, Ficci President Pankaj Patel said that sectors in …