Procurement Through Government e Marketplace (GeM)

Context: Procurement of goods and services through the Government e Marketplace (GeM) is expected to reach Rs 3.5 lakh crore by the end of this fiscal year.

More About the news:

• Increase in procurement: This is driven by increased purchasing activities across various Ministries and Departments.
• Procurement by Central Public Sector Enterprises (CPSE):  It contributes to nearly 63% of its total Gross Merchandise Value (GMV). 
  • The purchase by CPSEs on GeM accounted for almost 63% of the entire procurement.
  • In 2023–24, CPSE procurement exceeded Rs 1 lakh crore in just 6.5 months. 

About Government e Marketplace (GeM)

• About: GeM is a one stop portal to facilitate online procurement of common use Goods & Services required by various Government Departments / Organizations / PSUs. 
• Aim: Launched in 2016, it aims to enhance transparency, efficiency and speed in public procurement. 
• Nodal Ministry: Ministry of Commerce
• Mandatory Purchase by Government Entities: The purchases through GeM by Government users have been authorized and made mandatory by the Ministry of Finance.

News Source: Economic times