GeM presently has over 1.79 million registered users and has processed over 6.6 million transactions worth over Rs 1.15 trillion since its start. Efficient public procurement is a critical component of good governance, rapid growth, and country development. This contributes for about 20-22% of the country’s gross domestic product (GDP).
FEATURES OF GeM:
The Government e-Marketplace (GeM) is a contactless, cashless, and paperless online marketplace that was constructed in a record five months and launched in 2016 to replace the rigid and the Directorate General of Supplies and Disposals’ fixed-term rate contracts (DGS&D). In public procurement, GeM provides openness, usability, inclusion, visibility, and transaction speed. On this e-Marketplace, purchasers can save an average of 10% off the median price.
Through features and techniques like e-bidding, reverse e-auction, and demand aggregation, the GeM framework allows governments to get the most bang for their buck using taxpayer money. Through the GeM Platform, government procurement agencies may now follow worldwide best practises in selecting vendors, high-quality products, and services.
The majority of MSME suppliers who have registered are pleased with the open procurement methods that have increased their sales. New transactions are being documented as the government introduces more tools to simplify and improve decision-making turnaround times, indicating an increase in demand.
The government has eased and made purchase of medical and protective equipment such as thermal scanners, biohazard bags, and disinfectants, as well as the onboarding of oxygen cylinder suppliers, easier in the fight against the COVID-19 epidemic. GeM presently has over 1.79 million total registered users, over 6.6 million transactions worth over INR 1.15 trillion, and 186 service categories and 16,301 product categories. To date, 0.69 million registered MSMEs have transacted business with 52,042 buyer organisations, with 56 percent of their orders coming from them. During April and May 2021, there was a considerable increase in the number of registrations and transactions.
GeM will continue to pave the way for growth and MSME sustainability, as well as stimulate innovation among entrepreneurs, to ensure that quality products and services are available at lower prices.