Make in India gets major sourcing push from Modi govt

Cabinet okays abolition of FIPB; nod to strategic partnership in defence

The Union Cabinet on Wednesday approved a policy providing preference to domestically manufactured goods for government procurements, in a major step to boost the government’s Make in India initiative. It also approved the abolition of the Foreign Investment Promotion Board (FIPB), which has, for 25 years, been the single-point window for clearing foreign direct investment (FDI) proposals requiring government nod.

The Cabinet, headed by Prime Minister Narendra Modi, also gave its nod to a “strategic partnership” model under which select private firms would be engaged to build military platforms like fighter jets, submarines and battle tanks.  The Cabinet Committee on