Model Tender for Public Procurement Drafted By The Finance Ministry:
In order to standardize the terminology and terms used and prevent contract conflicts, the Ministry of Finance (Dept. of Expenditure) has drafted a model bidding manual for all central government departments to conduct public procurement.
Highlights:
♦ Public procurement is characterized as the public sector or government`s purchasing of goods and services, accounting for an average of 15 percent of global GDP.
♦ In India, government procurement is estimated to account for around 30 percent of GDP, of which a significant part is accounted for by the central government.
♦ In India, there is no formal nomenclature in public procurement and nomenclature is already widespread in the Americas, Europe and India. Uh. E.g. Bidders and bidders are considered bidding members.
♦ The new standard bidding documents aim to eradicate this duality, i.e. "bidder" should refer to the bidding documents and procedures, and the word "bid" should refer to the booth of the bidder.
♦ According to the new model, `bidders` will be used to refer to prospective vendors instead of `bidders,` and the use of `contract papers` will be discontinued.
GST Compensation Shortfall Finance Ministry
To make up for the shortfall in GST compensation, the 12th instalment of Rs. 6,000 crore was released as back-to-back loans to the states.
Highlights:
♦ The 12th weekly instalment of Rs. 6,000 crore was released by the Ministry of Finance, Department of Expenditure, to be distributed to the states to compensate for the shortfall in GST compensation.
♦ The funds were made available to members of the GST Council of 23 States and 3 UTs.
♦ The remaining 5 states (Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim) have no income gap due to the GST implementation.
Background:
In October 2020, the Indian government set up a special borrowing window to cover the projected revenue deficit of Rs.1.10 Lakh crore as a result of GST implementation. The borrowings are rendered for the benefit of the States and UTs by the Government of India through this window. 12 rounds of borrowings have been completed since October 2020.