By Shailesh Yadav
Paris [France], June 18 (ANI): Government e-Marketplace (GeM), an online platform for public procurement in India, showcased its success story at Europe's largest technology and start-up event, VivaTech, held in Paris.
The four-day event brought together a global community of visionary start-ups, investors, organisations, researchers, corporations and talent, who have exemplified the use of technology and innovation in driving human welfare.
Speaking at a panel discussion, highlighting strategies to unlock the full potential of technology in driving human welfare, Satya Narayan Meena, ACEO and Chief Financial Officer, GeM, emphasised the platform's role in promoting equitable access.
Meena told ANI that participation at VivaTech 2023 is a testament to how digital platforms, created with a strategic and clear intent to reinvigorate and reimagine legacy processes, can bring about lasting change for the nation and the underserved. VivaTech 2023 has provided a platform for GeM to illustrate its achievements on a global platform.
Meena said the inauguration of the India Pavillion at VivaTech presented GeM with a landmark opportunity to showcase its success story in bringing about a paradigm shift in India's public procurement ecosystem through technology, digitisation of processes, digital integration of all stakeholders and use of analytics.
Established in 2016, GeM is a digital tool in the nation's interest. It is an end-to-end digital ecosystem that enabled government buyers and private sellers to carry out procurement activities in a fair and competitive manner. It is based on the pillars of making government systems in the public procurement market more efficient, transparent and inclusive.
Nearly 1.5 crore orders have been placed via the platform, resulting in a cumulative Gross Merchandise Value of more than Rs 4.2 lakh crore since the inception of the organization. In FY 2022-23 alone, GeM crossed the milestone of achieving Rs 2 lakh crore in Gross Merchandise Value transacted through the portal.
Meena also said that with its evolved functionalities and processes like Push Button Procurement, Single Packet Bidding and Annual Procurement Plan, GeM has helped buyers make more informed decisions thereby generating massive public savings. An independent study conducted by the World Bank and IIM Lucknow in 2020 estimated an average of 9.75 per cent savings from the median price on procurements sourced through GeM. In 7 years, the platform has enabled public savings worth nearly Rs 40,000 crore.
Through automation and digitisation of processes, GeM has led to higher process efficiencies, better information sharing, improved transparency, reduced process cycle times, and a higher level of trust among bidders, which in turn have resulted in greater competition and higher savings.
In VivaTech 2022, India was named the Country of the Year. This year, India has sent a delegation of around 70 start-ups this year under the leadership of the Ministry of Electronics and Information Technology and Department (MEITY), Department for Promotion of Industry and Internal Trade (DPIIT), and Ministry of Commerce & Industry, Government of India. (ANI)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)