Quick Summary
Finance Secretary Dr T.V. Somanathan releases guidelines for reforms in Public Procurement and Project Management Guidelines attempt to incorporate into the realm of Public Procurement, innovative rules for faster, efficient and transparent execution of projects Finance Secretary Secretary Expenditure, Dr T.V. Somanathan released guidelines to usher in reforms in Public Procurement and Project Management here today. The formulation and release of these guidelines is a part of continuous p
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FAQ :
The guidelines aim to incorporate innovative rules for faster, efficient, and transparent execution of projects, empowering agencies to make quicker decisions in the public interest.
Prescribing strict timelines for payments and timely release of ad hoc payments (70% or more of bills) is expected to improve liquidity for contractors, particularly Micro, Small and Medium Enterprises (MSMEs).
Electronic Measurement Books (e-MBs) have been prescribed as a means of recording the progress of works, supporting the Digital India initiative.
MTDs are standardised tender documents for the procurement of Goods and non-Consultancy Services, designed to simplify and rationalise the structure of tender documents and ease the adoption of e-procurement.
The MTDs cater to the needs of e-procurement, easing the digitisation process of public procurement and helping to achieve the goal of a Digital India by standardising the digitisation process.
The draft guidelines were prepared under the Central Vigilance Commission (CVC) after consultation with experts. The MTDs were developed after an extensive two-stage consultation with various government bodies, organisations, and individual experts.
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