You are here: Home » News-CM » Economy » News
Business Standard

Government E-Marketplace Completes 2 Years; Grosses Over Rs 10,000 crore in GMV

Capital Market 

Government e-Marketplace (GeM), the National Public Procurement Portal, has turned 2 years old today. It was launched on 9th August 2016, with the objective of creating an open, transparent and efficient procurement platform for government. Over its short journey, GeM has achieved many significant milestones. Some of these are:

GeM has grossed over Rs. 10,000 Crores in Gross Merchandise Value (GMV) through more than 6.16 Lacs transactions on the platform.

GeM has made over 4.2 available on its platform through a network of over 1.3 lakh sellers and service providers.

These products and services are being bought by over 25,000 government organisations (Central, State Governments and PSUs) registered on the platform.

More than 40% of transactions by volume are done with MSMEs registered on the platform.

Buyers from across 36 States & Union Territories (UTs) are buying on the platform. 24 States & UTs have signed a formal MoU with GeM to adopt GeM as the core in their respective territories.

Average savings of 25% achieved across transactions on the platform.

Integration with Aadhaar, UdyogAadhaar, Ministry of Corporate Affairs21 (MCA21), System (PFMS), PAN, GSTN, of Defence Accounts (CGDA) and (SEBI) empaneled rating agencies for robust registration process.

Training of over 40 thousand buyers and sellers has been conducted across 28 States & UTs to enable them to seamlessly operate the platform.

MoUs have been signed with 8 banks for payment integration (State GeM Pool Account-SGPA, Electronic Performance Bank Guarantee-ePBG, Electronic Earnest Money Deposit-eEMD) to facilitate a cashless contactless and paperless payments system on the platform.

MoU signed with MSME ministry, Common Service Centers (CSC) and industrial associations (Confederation of Indian Industry-CII, and Industry-FICCI, PHD Chamber of Commerce & Industry, IIA) for facilitating training, capacity building and onboarding of manufactures and vendors across the country.

Integration with ( QCI) for ensuring quality compliances of the products and services offered through GeM.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 13:05 IST