Latest news with #SocialValue
SBS Australia
23-07-2025
- Business
- SBS Australia
Indigenous Business Boom Connecting Culture and Country
Indigenous businesses have been found to create more than 40 billion dollars in value each year, helping to progress Closing the Gap targets, and leading to stronger connection to culture and country. Data from Austrade shows Indigenous goods exporters generated more than $670 million in turnover in 2022/23. Now a new report from Supply Nation - a non-profit that provides Australia's biggest database of Indigenous businesses - has found that Indigenous businesses create more than 42 billion dollars of social value each year
SBS Australia
11-07-2025
- Business
- SBS Australia
'I'm more than chocolate': Indigenous entrepreneurs see stronger demand and increased exports
'I'm more than chocolate': Indigenous entrepreneurs see stronger demand and increased exports Published 11 July 2025, 8:08 am Some Indigenous businesses are seeing stronger demand for their products and an increase in exports to other countries. It comes as a landmark report says they create more than $40 billion in social value each year, helping to progress Closing the Gap targets and leading to better mental health outcomes, and better connection to culture and country.
The Print
22-05-2025
- Business
- The Print
UK to give non-discriminatory treatment to Indian firms in public procurement under FTA
'For the first time, UK agreed to take binding commitment to provide non-discriminatory treatment to our suppliers under UK's Social Value regime in their public procurement system,' the official said. On May 6, the two announced conclusion of negotiations for the FTA. It will be implemented next year. New Delhi, May 22 (PTI) The UK for the first time has agreed to accord non-discriminatory treatment to Indian companies in its public procurement system under the free trade agreement (FTA) between the two countries, an official said. Under the UK's Social Value law, the British government departments require public authorities to have regard to economic, social and environmental well-being in connection with public services contracts. According to the UK government, the trade pact will give UK businesses 'unique and unprecedented' access to India's public procurement market, comprising about 40,000 tenders with a value of at least 38 billion pounds a year. On the other hand, India has agreed to allow British companies to participate in public procurements only in the non-sensitive sectors. The UK firms, however, will not be allowed to participate in procurements by state government entities and local bodies. 'UK-based suppliers would be allowed to bid for domestic tenders above the agreed thresholds (above Rs 200 crore) as deemed Class II local suppliers under public procurement. Carve out is also provided for India's 'Make in India policy' as well as medium and small enterprises. Earlier, India opened the government procurement segment in the comprehensive trade pact with the UAE. Under that pact, UAE firms are allowed to participate in procurement tenders worth over Rs 200 crore. In 2020, the government modified public procurement norms to give maximum preference to companies whose goods and services have 50 per cent or more local content to promote 'Make in India'. The revised Public Procurement (Preference to Make in India), Order 2017, has introduced a concept of Class-I, II and non-local suppliers, based on which they will get preference in government purchases of goods and services. Class-I local suppliers will get the most preference in all government purchases because their domestic value addition is 50 per cent or more. They will be followed by Class-II suppliers, whose value addition range is more than 20 per cent but less than 50 per cent. India's government procurement market is one of the largest in the world and it is estimated at nearly USD 600 billion annually, or approximately 15 per cent of the country's GDP, as per estimates. This expenditure fuels development across infrastructure, healthcare, power, education, transport, and defence. However, GP is more than a budgeting tool as it is a critical industrial policy instrument, used to promote local manufacturing, build MSME capacity, and advance national programs like Make in India and Atmanirbhar Bharat. PTI RR CS TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
