• UGI USER
  • Feb 13, 2024
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Government EMarketplace

@newsonair - PiyushGoyal

News

  • Gross Merchandise Value (GMV) for the current fiscal year has been recorded by Government eMarketplace (GeM) at three lakh crore rupees upto January, 2024 and as a result, the GeM has exceeded the two lakh crore rupee total GMV from the previous fiscal year;
  • According to the CEO of GeM, the daily average GMV transactions on the platform have increased significantly from 504 crore rupees to 914 crore rupees during the current fiscal year.

Government eMarketplace

  • Core Function: The GeM is a government initiative aimed at eliminating bribery and corruption from government spending by streamlining the public procurement process through electronic means. It helps government departments, organizations, and PSUs purchase common use goods and services online;
  • Purpose of GeM: It aims to improve transparency, efficiency, and speed in public procurement by giving government users the tools of e-bidding, reverse e-auction, and demand aggregation while also assisting them in getting the best value for their money;
  • Founding Ministry:
    • Directorate General of Supplies and Disposals (DGS&D), with technical assistance from the National eGovernance Division (Ministry of Electronics and Information Technology), created the GeM portal for procurement of both products and services.
    • In 2016, the Minister of Commerce and Industry launched the portal.
  • Significance of GeM:
    • GeM reduces delays and corruption by doing away with human interface in order placement, payment processing, and vendor registration;
    • It guarantees fairness and equality of opportunity for all sellers by offering total visibility of all transactions on its platform;
    • It makes it possible to compare prices and choose high-quality, competitive products;
    • It offers an easy-to-use online feedback system and guarantees that all of the listed goods and services meet all applicable standards and specifications;
    • By giving startups, MSMEs, women entrepreneurs, and artisans a platform to market their goods and services, it fosters innovation.
  • NOTE: Gross Merchandise Value is calculated by multiplying the total amount of goods sold by their sales price in a given period [GMV = Sales Price of Goods x Number of Goods Sold].

 

 

Source: newsonair

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