Gem

Transactions on GeM portal cross Rs 50,000 crore in first quarter

Provision of penal interest on delayed payments to start from July

FY24 procurement target through GeM likely to set at Rs 2.5 trillion

Artificial Intelligence will come onboard from FY24

Direct govt purchases play a diminishing role in GeM transactions

Value of transactions has crossed over Rs 2 trillion in 2022-23

Goyal lauds GeM crossing Gross Merchandise Value of Rs 2 trn in 2022-23

Union Commerce Piyush Goyal said in the financial year 2022-2023, procurement of goods and services from the government portal Government e-Marketplace (GeM) has crossed the Rs 2 trn mark

Procurement via GeM crosses target of Rs 2 trillion on last day of FY23

On March 30, GeM completed five million transactions in a single financial year for the first time ever

Over 1,000 ODOP products identified as across all districts: DPIIT

Last year, the Centre had asked states to onboard a large number of products from various emporiums and artisans on the government's public procurement portal Government e-Marketplace

150k handloom agencies, weavers, 26,644 artisans on-boarded on GeM portal

The Ministry of Textiles has taken steps to onboard weavers and artisans on the Govt e-Marketplace (GeM) to enable them to sell their products directly to various govt departments and organizations

Public procurement via GeM portal to cross Rs 2 trillion in FY23: Official

Procurement of goods and services from government portal GeM is expected to cross Rs 2 lakh crore during this fiscal year on account of an increase in buying activities by different ministries and departments, a top official said on Wednesday. The procurement crossed Rs 1.5 lakh crore on February 1. CEO of the Government e-Market (GeM) P K Singh said huge potential is there in states and public sector undertakings to increase the buying from the platform. "After crossing Rs 1.5 lakh crore, we are aspiring for Rs 2 lakh crore for the full fiscal," Singh told reporters here. The portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. He said the portal has over 66,000 government buyer organisations and more than 58 lakh sellers and service providers offering a diverse range of goods and services. He added that through automation and digitisation of processes, GeM has led to higher process efficienci

Govt procurement portal GeM catching up with Amazon, Flipkart: Eco Survey

Healthy growth in the procurement of goods and services by central and state governments through GeM portal is helping the platform to catch up with global e-commerce giants like Amazon and Flipkart, the Economic Survey said on Tuesday. The Government e-Market (GeM) portal was launched on August 9, 2016 by the commerce ministry for online purchases of goods and services by all the central government ministries and departments and other agencies including public sector units. Procurement of goods and services from the portal has crossed Rs 1 lakh crore till November 29 this fiscal on account of an increase in buying activities. "The GeM has witnessed tremendous growth in gross merchandise value and is catching up with e-commerce giants like Amazon and Flipkart," the survey said, adding, "GeM attained an annual procurement of Rs 1 lakh crore within fiscal year 2022, representing a 160 per cent growth compared to last FY (fiscal year)". GeM CEO P K Singh had earlier stated that going

GeM closes in on Amazon, Flipkart in gross merchandise value

In FY22, govt's public procurement portal recorded a GMV of $14.2 bn, as against Amazon India's $17 bn and Flipkart's $23 bn

GeM public procurement crosses Rs 1 trillion in just eight months

Cumulatively, GeM has surpassed GMV worth Rs 3 trillion since inception and the number of transactions on GeM exceeded 12 million

Over 400 cooperatives registered on GeM portal in last 3 months: Govt

More than 400 cooperative societies have registered on the Government e-Marketplace (GeM) portal in last three months, Union Minister B L Verma said on Monday. On June 1, the Union Cabinet had given its approval for expanding the mandate of GeM to allow procurement by cooperatives as buyers on GeM. But it was on August 9, the cooperatives were formally onboarded the portal. "So far, more than 400 cooperatives have registered on the GeM portal and begun the trade," the Minister of State for Cooperation said. He was addressing the 69th All India Cooperative Week organised by National Cooperative Union of India (NCUI) here. Organic products, especially from North-East do not find a right market. Be it organic or other products, cooperatives can sell these items on the GeM portal, he added. Besides this, the minister said the government has taken several measures to strengthen and expand cooperatives since formation of a new cooperation ministry in July 2021. On setting up of a new .

SAIL crosses Rs 10,000 cr procurement mark on GeM portal since inception

Steelmaker SAIL on Thursday said it has made procurement worth Rs 10,000 crore through the Government-e-Marketplace (GeM) since the inception of the portal. The portal was launched on August 9, 2016. Presently more than 7,400 products in about 150 product categories and hiring of transport service are available on it. GeM is a completely paperless, cashless and system-driven e-marketplace that enables procurement of common-use goods and services with minimal human interface. In a statement, SAIL said, "it has become the first Central Public Sector Enterprise (CPSE) to achieve the major milestone of procurement value of Rs 10,000 through GeM since inception". From Rs 2.7 crore in FY 2018-19, the total value of procurement from GeM has already crossed the Rs 10,000 crore mark this fiscal, Steel Authority of India Limited (SAIL) said. SAIL did not share information with respect to items purchased through the government portal. The steelmaker, under the Ministry of Steel, is the coun

FinMin calls meeting of PSB chiefs on Sep 21 to take stock of vacancies

The finance ministry would review vacant positions and monthly recruitment plan of public sector banks (PSBs) and financial institutions in a meeting on Wednesday, sources said. The meeting would also review the procurement of banks and financial institutions through the Government e-Marketplace (GeM) portal. The meeting, to be chaired by Financial Services Secretary Sanjay Malhotra, will be attended by top management of banks and financial institutions through virtual mode, the sources said. Besides, there would be discussion on preparedness on 'Special Campaign 2.0'. The campaign during the period October 2-31, 2022 would focus on cleanliness (swachhata) and other issues. During the period, various pendency cases like MPs' references and state government references etc will be reduced.

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Looking at duty-free access for ODOP products in FTAs: Piyush Goyal

The minister also called for integration of One District One Product initiative with ONDC

GeM pegs defence procurement to reach Rs 30,000 cr this year: Official

Public procurement portal Government eMarketplace projects defence procurement made through it to double to Rs 30,000 crore during the current financial year, a top official said here on Friday. According to GeM Chief Executive Officer P K Singh, the procurement agency expects to garner about Rs 2 lakh crore sales in the year across the country. The GeM portal launched by the Centre in 2016 is for online purchase of goods and services by all central government ministries and departments. "Defence sector has been the largest procurer through the portal since inception. Last year, the defence procurement was around Rs 15,000 crore. The target is to double it to Rs 30,000 crore this year," he told reporters here. "Apart from weaponry, everything for Defence is done by GeM," he said. Singh, an IAS officer of the Manipur cadre, said the procurement portal achieved overall sales of Rs 1.06 lakh crore last year. "This year, we are expecting to reach Rs 2 lakh crore post the COVID-19 ...

National flags worth over Rs 6 cr procured via GeM portal in last 6 weeks

More than 2.36 cr national flags worth over Rs 6 cr were procured by different government departments and states from public buying portal GeM from July 1 - August 15, according to an official data

GeM-SAHAY: Providing marginalised access to frictionless working capital

The Government eMarketplace (GeM) was integrated with SAHAY to launch the GeM-SAHAY app in May 2021 to address the credit availability challenges faced by sole proprietors on GeM

Need to make our banks key part of global trade: PM Narendra Modi

Modi said India has developed various financial inclusion platforms and there is a need to create awareness about them for their optimum utilisation