Govt working on modalities to mandate green steel public procurement
Green steel refers to steel produced with significantly reduced carbon emissions compared to traditional methods. The government is working on modalities to mandate public...
Public Procurement plays a vital role in shaping the development journey of a country and the efficacy of government spend. According to World Bank report, in year 2019, Government procurement spending reached US$13 trillion worldwide, or around 15 percent of global gross domestic product(GDP). On the one hand, public procurement ensures that scarce public resources are spent with due care towards efficiency, transparency, integrity, and value for money. On the other hand, public procurement acts as a vehicle of choice for promoting small and medium enterprises, women-owned business, and environmentally friendly products/solutions, thereby ensuring a sustainable development outcome. In recent years, public procurement function has also embraced an increased use of technology leading to improved process efficiency, transparency, and data analytics.
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