New Delhi, (IANS) : The central government on Wednesday approved a policy which mandates preference to domestically manufactured iron and steel products (DM1&SP), in government procurement.

The decision was taken by the Union Cabinet, whose meeting was chaired by Prime Minister Narendra Modi.

“The policy is applicable on all government tenders where price bid is yet to be opened, DMI&SP policy provides a minimum value addition of 15 per cent in notified steel products which are covered under preferential procurement,” the Union Cabinet said in a statement.

“In order to provide flexibility, Ministry of Steel may review specified steel products and the minimum value addition criterion.”