Indian Economy News

Cabinet approves Expanding the mandate of Government e Marketplace - Special Purpose Vehicle (GeM - SPV) to allow procurement by Cooperatives as Buyers

The Union Cabinet, chaired by the Prime Minister Mr. Narendra Modi, has approved the expansion of the mandate of GeM to allow procurement by Cooperatives as buyers on GeM.

The Ministry of Commerce and Industry, Government of India, inaugurated the Government e-Marketplace (GeM) on August 9, 2016, to develop an open and transparent procurement platform for Government buyers. A Special Purpose Vehicle (SPV) by the name of Government e-Marketplace (GeM SPV) was set up as the National Public Procurement Portal on May 17, 2017.

All government purchasers can use the platform right now, including central and state ministries, departments, public sector businesses, autonomous institutions, and local governments. GeM is not available to private sector buyers under the existing mandate. Suppliers (sellers) might come from any sector: public or private.

This initiative will assist more than 8.54 lakh registered cooperatives and approximately 27 crore members. The GeM site is available to all buyers and merchants in the country.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.