Union Budget 2019: Govt e-Marketplace sees transactions worth Rs 17,500 crore in last 2 years, says FM

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Updated: Feb 01, 2019 1:20 PM

Union Budget 2019: The Ministry of Industry and Commerce had launched the GeM in August 2016 with the objective to create an open and transparent procurement platform for government departments and agencies.

gem platform, commerce ministry, gem marketplace, startups in india, business news in hindi, financial express hindiUnion Budget 2019: FM Piyush Goyal also said that the platform is now extended to central public sector enterprises  (CPSEs).

Union Budget 2019: Finance Minister Piyush Goyal Friday said that the public procurement online platform – government e-marketplace or GeM – saw transaction worth Rs 17,500 crore in the last two years, which led to an average saving of 25-28 per cent.

While presenting the Interim Budget 2019-20 in the Lok Sabha, which is also the Narendra Modi-led government’s last as the Lok Sabha elections are due in April-May, Piyush Goyal also said that the platform is now extended to central public sector enterprises (CPSEs).

The Ministry of Industry and Commerce had launched the GeM in August 2016 with the objective to create an open and transparent procurement platform for government departments and agencies.

ALSO READ: Live Budget 2019, Union Budget 2019 Live

“GeM has transformed public procurement by making it fully transparent, inclusive and efficient. MSMEs have an opportunity to sell their products through GeM. Transactions worth over Rs 17,500 crore have already taken place, resulting in an average saving of 25-28 per cent from purchase from GeM,” Goyal said.

All states, as well as the central government, procure goods and services worth over Rs 5 lakh crore every year through this platform, and approximately 1,90,226 sellers and service providers offer 7,53,162 products on the platform.

Also, the internal trade was earlier under the consumer affairs ministry and now has been brought under the commerce and industry ministry. The government has also changed the name of the Department of Industrial Policy and Promotion (DIPP) as the Department for Promotion of Industry and Internal Trade.

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