Introduction:
Recently there has been a buzz about the word GeM (Government e-Market) in the business world in India. While many entities are already doing great business on this platform, some of them are still figuring out what is GeM and how to take benefit of this portal in your business.
GeM is a dedicated e-market for procurement of different goods and services similar to ecommerce giants like Amazon and flipkart but with one big difference; i.e here the products /services are procured by various Government Departments / Organisations / PSUs which are more than over 50,000 in numbers. Started in 2016, the objective of the Government is to facilitate the procurement with transparency, accuracy and speed.
To register on GeM, the entity must have a registered business recognised in India and have PAN issued by the Income Tax Department. The applicant needs to submit business registration documents, Bank details and KYC documents to complete the registration. One can apply for the GeM registration through the government website https://gem.gov.in/ by creating a business profile on it. The applicant has to register as a buyer or seller depending upon the purpose and follow the process accordingly. One may take help of a professional for registering on GeM and creating a business profile and listing its products or services.
Benfits
Listing your products or services on GeM portal makes it more visible to government buyers which will generate more contacts and leads for your business.
Access to various government contracts and tenders and vast range of procurement opportunities.
Payments done through GeM portal are much faster and easier as compared to the earlier payment systems under the Government. Credit facility is also available making it more convenient for the buyers.
Bid submission, managing orders, receiving payments etc. can be done online which reduces paper work and saves time.
Recognises and supports MSME's, Startups, Women-led Enterprises and Make-in India entities through various schemes and incentives such as concession in fees and priority in procurement process.
As per the latest report of the Ministry of Commerce and Industry dated 29.03.24 there has been a surge of 205% in services procured from GeM and 21 lakhs sellers and service providers onboarded on GeM. By integrating 89,421 Panchayats and 760+ Cooperatives withing its procurement Ecosystem, GeM has facilitated sustainable procurement while ensuring optimization in public spending at the very last level of administration. GeM should be your go to registration if you are looking to expand your business with the Government. For any doubts and queries the readers may contact the author at sarrahkatawala@connect2comply.com.