Purchases of products and companies by the federal government e-marketplace (GeM) will nearly double within the present fiscal from a 12 months earlier than to over Rs 2 trillion, GeM chief govt PK Singh stated. GeM had recorded a turnover of Rs 106,647 crore in FY22. Singh stated the portal has witnessed constant progress within the purchaser and vendor ecosystem, with greater than 53,000 consumers and over 4.5 million sellers. As many as 10 million transactions have been accomplished up to now. He was talking on the MSME Business Conclave of financialexpress.com.
The GeM portal was launched in August 2016, because the Centre wished to enhance transparency in purchases of varied items and companies by all of the central authorities ministries, departments and public-sector corporations and state governments, other than offering a new-age platform for official procurement. While consumers are official entities, sellers — starting from small enterprise to massive firms — are from each private and non-private sectors.
In order to make sure well timed funds to sellers, most of whom are MSMEs, GeM, in collaboration with the ministry of finance, goes to impose a “penal interest” on errant consumers, Singh stated. A purchaser who delays funds by greater than 10 days can be charged a 1% penal curiosity per 30 days. He will even should reply why the fee was delayed.
Source: www.financialexpress.com”