Govt e Marketplace Records 10 times Growth In Procurement In Last 3 Years: Goyal

Government e-Marketplace (GeM) growth has reportedly increased by 10 times over the last three years, according to Piyush Goyal, the Union Minister of Commerce and Industry.

He appreciated and congratulated all the GeM stakeholders for the portal's success and development and for fundamentally altering the nation's public procurement system.

GeM is an online platform that the Indian government developed in the year 2016 to assist different government agencies and organizations in finding products and services. The platform promises to improve purchasing processes' efficiency, cost-effectiveness, and openness.

It serves as a centralized marketplace for purchasing common user items, catering to both low-value and bulk buying needs through features like reverse auction and e-bidding.

GeM also incorporates a continuous vendor rating system to maintain quality standards. The user-friendly dashboard allows for efficient monitoring of supplies, payments, and returns, ensuring a streamlined procurement process. The interface is fast and is enriched with essential features and functions for turning it into a good user experience resulting in high customer satisfaction.

GeM's effectiveness in streamlining the procurement process, cutting down on paperwork, and enabling improved vendor management is demonstrated by the 10 times growth in procurement on the platform.

 This expansion represents the faith and confidence that government agencies have in the platform to fulfill their procurement requirements. GeM has enhanced efficiency and reduced costs in government procurement by utilizing technology and fostering competition among sellers.

As of March 31st, 2023, GeM had a Gross Merchandise Value (GMV) of Rs 2 lakh crore. With the resounding backing of all stakeholders, GeM has since its inception exceeded the Rs 4.29 lakh crore GMV mark. Additionally, 1.54 crore transactions have now been completed on GeM. GeM serves more than 69,000 government purchasing groups' varied procurement needs.

More buyers and vendors are using the system as a result of GeM's success in establishing itself as a true game changer in government procurement. The government's decision to start adding interest to late payments in GeM is a big step in the right direction. GeM's efficiency in streamlining procedures, cutting bureaucracy, and promoting competition among vendors is highlighted by the tenfold rise or developmentin procurement on the platform.

This expansion shows the confidence government organizations have in GeM and its role in enhancing productivity and reducing costs in public procurement.

GeM stands as a revolutionary step in the era of digitalization and globalization as it is creating a more open, efficient, and effective e-commerce atmosphere. The most important thing to note here is that it is devoted to national development and society’s welfare.

The government is aiming to make the platform more modern by adding user-friendly features and modifying its interface.

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