GeM

Provision of penal interest on delayed payments to start from July

PSUs also have to comply with asset monetisation targets set collectively by their administrative ministry

Procurement by central public sector enterprises (CPSEs) rose multifold to about Rs 43,000 crore

PM Modi on Thursday hailed the govt procurement portal GeM achieving an order value of Rs 1 trillion in a single yr and said the platform is especially empowering the MSMEs.

Flows from global emerging market funds into India amounted to $459 million, led by non-ETF inflows of $318 million, taking the total inflows in CY21 to $5.6 billion.

Public procurement portal GeM has come out with an approach paper for stakeholder consultations as it is exploring ways to bring works on the platform with an aim to further widen its scope

GeM CEO Talleen Kumar said that a function of ''custom bid'' has also been created on the platform

"The present version of GeM will be upgraded after enhancing the system and a unified procurement system will be put in place," Kumar said

The minister also proposed to provide about Rs 27,300 crore for development and promotion of industry and commerce for 2020-21

The idea is to procure essential medical devices such as cardiac stents at a lower cost

The rate contract system has proven to be a time tested process of procurement of quality goods at a reasonable price and within the stipulated time frame

'GeM opens a window of sellers to reach out to government departments which will be big support for start-ups and gradually India will be able to develop home-grown solutions'