Explained: What India's shift in stance on public procurement means

India's public procurement market is estimated to be between 20 and 22 per cent of the GDP, or about $500 billion annually.

Under the free trade agreement (FTA) between India and the United Arab Emirates (UAE), which will come into force on May 1, India has — for the first time —agreed to treat UAE firms on a par with domestic companies while bidding for tenders put out by certain central government departments and ministries for buying goods and services. Let’s find out what this shift in stance in India’s foreign trade policy means.

Why is the opening up of the public procurement market by India such a big deal?

India’s public procurement market is estimated to be between 20 and 22 per cent