Manufacturers' Association for Information Technology (MAIT) has welcomed the Government's initiative to recognize and endorse the Exchange Rate Variation (ERV) Clause in Government and Public Sector procurements.
MAIT has also requested the Ministry of Finance for inclusion of the ERV clause in the upcoming Public Procurement Bill, which will allow organization to quote an appropriate exchange rate on the date of tender release and to mitigate impact of component price escalation.
JV Ramamurthy, President, MAIT, said, “Ratification of Exchange Rate Variation (ERV) Clause in Government and Public Sector procurements has provided the much-needed support to the industry. This was one area where we needed support from many Departments and officials and the Government has shown great resolve in taking appropriate steps for the benefit of the industry.”
