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Business News

Sep 05, 2018
7:28PM

GeM transactions to reach USD 100 bn in next 3 yrs: Suresh Prabhu

NSD Logo Commerce and Industry Minister Suresh Prabhu on Wednesday said that government's electronic marketplace, GeM, in the next 3 years transactions will reach 100 Billion Dollars. 

Government eMarketplace is the national public procurement portal offering an online, end-to-end, solution for procurement of common use goods and services by government departments eliminating involvment of middlemen and tenders. The Minister was speaking at the launch of National mission on GeM, in New Delhi. 

A six week long drive that will commence on Thursday aims at creating awareness and accelerate GeM, train buyers and sellers and get them registered in it. 

Speaking on the occasion, Mr Prabhu said, GeM provides a solution for procurement that promotes inclusiveness, transparency and efficiency in public procurement to achieve cashless, contactless and paperless transaction eliminating middlemen and tenders. 

He added that during this mission efforts will be made to bring more self-help groups, artisans and start-ups on the platform. Currently, it is mandatory for all central government institutions, 25 states and UT's that have signed MoU with GeM to adopt it as the mode of procurement. 

He said, in two years of it's operation, GeM has recorded more than seven lakh transactions worth over eleven thousand crore. It also contributes around 20-25 per cent average overall savings to the government. 
 

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