What is GeM 4.0?
Promotion of Excellence in Procurement through the E-Marketplace for Government (GeM).
The Government e-Marketplace (GeM) has proven to be a useful tool for buying goods and services by hitting an annual value of Rs 1 lakh crore in purchases.GeM has also set the lofty goal of doubling the value of purchases for defense projects by four times during this fiscal year, to Rs 30,000 crore. This impressive achievement shows how important GeM is for making sure that buying processes across the country are effective and open.
“GeM 4.0 has transformed government procurement, reaching Rs 1 lakh crore in annual procurement value, targeting Rs 30,000 crore for defense projects, and prioritizing MSMEs and transparency.”
GeM’s CEO, P. K. Singh, says that the platform plans to make Rs 2 lakh crore in revenue in 2022–2023. This number shows how quickly it is growing.Last year, investments in defense reached almost Rs 15 billion. GeM has become the premier site for all defense-related needs, offering a wide range of goods and services. On top of that, the defense industry has become the biggest buyer through GeM since it began.
Prime Minister Narendra Modi praised GeM’s huge success and emphasized its role in giving MSMEs, which make up a big part of the order value, more power. With 57% of the order value coming from the MSME sector, GeM has become a leader in supporting economic inclusion and business.
GeM is also leading the way in integrating with Panchayati Raj Institutions, which will make it easier for people in the community to buy and sell things online. GeM is committed to spreading its impact and reach to the most remote parts of the country. The success of its pilot programs in Gurgaon district panchayats shows this. GeM is going to work with India Post to offer logistics services at the neighborhood level. This will make things even easier to get to and more accessible.
GeM has added a schedule-wise review for Bill of Quantity (BoQ) bids to make them easier to use and more clear. This strategic improvement lets buyers post and review bids by item, by group, and by consignee. This speeds up the buying process and makes sure the best results.
GeM has had a huge impact on public procurement in India because it stays true to its core values of inclusion, usability, openness, efficiency, and cost-saving. GeM is one of the largest government e-procurement tools in the world. It has grown at a very fast rate of 22% and is now handling over 31.5 lakh orders in this fiscal year.
GeM is ready for more growth and spread because it has almost 50 lakh registered vendors. GeM is planning campaigns to bring on more shops, which will increase its reach and get more people involved in the online market.
When Commerce Minister Piyush Goyal recently went to Coimbatore, businesspeople stressed how important it was to get more people to know about GeM. GeM is committed to telling partners about all of its benefits and opportunities.
The prices at GeM are 9.5% less than those at popular online stores like Amazon.in and Flipkart.in, according to a study in the Economic Survey 2021–2022. This shows how committed GeM is to providing affordable options that make money for both buyers and sellers.
Conclusion
GeM’s amazing journey shows how committed it is to excellence, openness, and variety in public procurement. GeM’s goal is to promote socioeconomic growth and prosperity across India. As it grows and expands, it stays true to this goal.
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