Cabinet approves setting up of Government e-Marketplace for procurement
The Union Cabinet has approved setting up of a Special Purpose Vehicle (SPV) for procurement of goods & services required by Central & State Government organizations.
The SPV will be called Government e-Marketplace (GeM SPV). It will replace the Directorate General of Supplies and Disposal (DGS&D) under the Ministry of Commerce.
Key Facts
- GeM SPV will be established as non-profit autonomous body under Section 8 of the Companies Act, 2013.
- It will provide end-to-end online marketplace for Central and State Government Ministries/Departments, CPSUs & SPSUs, local bodies for procurement of common use goods & services.
- It will bring more transparency and streamlining government procurement which is estimated at Rs 10,000 crore a year.
- Currently, over 9,000 products from 250 categories, including stationery, computers and several services are registered by different vendors on GeM SPV’s portal.
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Month: Current Affairs - April, 2017