Petroleum Ministry has proposed to give preference to locally manufactured goods and services in the 90 thousand crore rupees of tenders issued annually by oil PSUs in a bid to give a fillip to domestic manufacturing. Briefing Media in New Delhi , Petroleum and Natural Gas Minister Dharmendra Pradhan said, under the purchase preference policy, public sector oil firms like ONGC and GAIL will give preference to a firm supplying a minimum threshold of goods and services sourced from local manufacturing unit or plant. He said that a consultation paper that details the level of locally sourced content for purchase of goods and services like pipelines, tubular casing has been floated and comments have been sought in three weeks with a view to float a new policy by next fiscal. Mr Pradhan said, the policy has been thus framed that international competition is not reduced and the benefit of reduced cost of services arising from slump in oil prices is captured. He said, Ministry will fix a certain percentage of goods and services that has to be sourced locally or from within India. These can be by way of purchase by the winning bidder, who can be an Indian company or a foreign company, from local units or by setting up manufacturing plants within the country. He said, the new policy will give a fillip to domestic manufacturing and the 'Make-in-India' initiative. He said, all tenders would be on competitive bidding basis. The scheme being brought is a modified version of the pre-2008 Purchase Preference Policy of state-run firms which was scrapped to provide a level-playing field to private players and enhance competition. Replying to a media query on subsidies, Mr Pradhan said, Ministry is within the budget on subsidies and it is following ideal fiscal policy.