Indian Economy News

Government e-marketplace (GeM) and the steel industry's Indian Steel Association (ISA) have signed a contract to assist Micro, Small, and Medium Enterprises (MSMEs) with supply and procurement

  • IBEF
  • October 9, 2023

Indian Steel Association (ISA) and Government e-Marketplace (GeM) have signed a contract to assist MSMEs in selling their goods and doing online business. A Memorandum of Understanding (MoU) was signed by Indian Steel Authority (ISA) and GeM. This alliance intends to make it easier for all ISA members to become vendors and buyers on the GeM platform.

According to Mr. Alok Sahay, Indian Steel Authority (ISA) Secretary General, this partnership's primary goal is to assist Micro, Small, and Medium-Sized Enterprises (MSMEs) in providing their goods and facilitating online platform purchase.

The signed agreement seeks to promote knowledge exchange and direct communication between ISA members and GeM. ISA represents around 65% of the country’s crude steel producers. GeM intends to create a useful financial interface for the government as well. According to GeM authorities, this strategy will be put into action in the upcoming months and will involve the onboarding of numerous institutions. Another significant benefit will come to MSME steel purchasers from this.

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