Public Procurement means purchase of goods, services and works by public authorities or civil service organizations using public funds. It is a process/system by which public organizations procure or purchase products in the form of goods, services, or sometimes the combination of goods and services.
Public procurement is one of the crucial economic activities of the government which characterize a substantial part of its GDP, thereby resulting in the massive financial drifts – hence deems proper regulation. The Indian Govt. through Ministry of Finance, Dept. of Expenditure, Procurement Policy Division (for short ‘DOE’) regulates Public Procurement, consequently a Manual for Procurement of Goods (Updated till June 2022) has been issued.
