New Delhi: Indian prime minister Manmohan Singh has constituted a committee to suggest ways for adopting global best practices in government procurements that now run into vast sums of monies.
According to a ministry of commerce official the committee will come up with suggestions which would form rules, regulations and procedures keeping in mind best practices around the globe. The official was peaking at a FICCI-IIFT function here.
India is not a member of the WTO on government procurements and has recently taken the ''observer'' status in the multilateral pact which sets common rules and procedures for the state procurements.
The 'observer' status would give India an insight into how governments of developed countries place multi-billion procurement orders with the industry.
The global state procurements are estimated at a huge $ 1.6 trillion and are a big attraction for the multi-lateral corporations.
Government of India procurements constitute about 10-15 per cent of the global economy, according to estimates of the World Trade Organisation (WTO), with the amount estimated at about Rs8 lakh crore (about $150 billion).