Latest NorthEast India News | Government’s GeM Portal Procurement Set to Exceed Rs 4 Trillion This Fiscal Year

NEW DELHI: The Government Marketplace (GeM) is a platform that results in a phenomenal increase in procurement activity, with projections showing that procurement is set to cross Rs 4 trillion by the end of the current financial year. The GeM portal which was launched on March 9, 2016 is a centralized platform for online procurement of goods and services by central government agencies and departments Since the beginning the approach of this platform has played a key role in streamlining the procurement process, offering a wide range of products and services from office paper to vehicles. Within a remarkable span of few years the procurement pricing has increased significantly. The increase in procurement activity can be attributed to the active participation of more than 245 Central Public Sector Enterprises (CPSEs), including big PSUs like Coal India, SAIL, NTPC, SBI etc. These organizations bolstered the GeM procurement process with more than 62 million sales and service provider’s contribution to the portal. The portal’s expansion into services is particularly noteworthy, with services accounting for a significant proportion of total purchases. The corporate contributions have increased from 23 to 50 per cent from previous to the current financial year that indicates a more diversity in procurement options. The States and Union Territories such as Gujarat, Maharashtra, UP and Delhi placed substantial purchase orders through the GeM channel during the current financial year. This gradual optimized recognition highlights the GeM’s effectiveness as a portal in facilitating efficient and transparent procurement processes across government departments. Inspite of facing stiff competition from global counterparts viz. South Korea’s KONEPS and Singapore’s GeBIZ, GeM portal has relatively maintained its position as the leading government procurement system. With an accelerated growth path with users expanding gradually, the portal is increasingly it’s importance in delivering digital transformation and increasing efficiencies.