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HomeNewsBusinessGeM is finalizing contracts worth a total of Rs 2,70,384 crore

GeM is finalizing contracts worth a total of Rs 2,70,384 crore

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News Tech: The government’s e-marketplace (GeM) has raised a total of Rs. In 2016, the Indian government established GeM as an e-marketplace, using technology to revolutionize public procurement in India. At its June 1, 2022 meeting, the Federal Cabinet agreed to extend GeM’s mandate to enable procurement by cooperatives as buyers of GeM. Previously, government procurement in India was characterized by inefficient, opaque and time-consuming manual processes that took place offline and were complicated by a fragmented and complex political landscape.

GeM’s commitment to inclusion is multi-faceted, making the platform easy to use and trustworthy for all types of sellers, but also marginalized and underserved, such as small businesses, women entrepreneurs, start-ups and artisans. It also includes actively engaging with unaccepted seller segments. As a consistent, online and integrated portal, GeM brings efficiency to public procurement by eliminating manual intervention at various stages of public procurement.

GeM’s approach is underscored by its commitment to his three pillars of transparency, efficiency and inclusiveness, Patel said in his written response to questions at Rajya Sabha. GeM is an open marketplace where open access to information is facilitated in a transparent manner. Relevant information about sellers, products and services is easy to find and immediately available to users. GeM provides database insights to help users make decisions.

The government amended the General Financial Regulations 2017 (GFR) to enact Rule 149 provisions to mandate the procurement of goods and services by GeM.

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