The government has notified special exceptions in its defence procurement policy to promote startups and will encourage them to bid for contracts valued less than Rs 150 crore without the burden of providing financial credentials.
The Rajnath Singh-led defence ministry has stipulated that for these relatively small contracts, startups will be encouraged if they can prove technical expertise. It has also made a clear distinction between startups and new entrants in the field, ruling that mid to large sized groups venturing into defence manufacturing will still need to meet financial criteria that includes credit ratings, revenue and net worth.Read More…
