CPSE strategic sale: Govt makes security clearance mandatory for all bidders
The government has tweaked the guidelines for strategic disinvestment, making security clearance mandatory for all bidders who put in price bids for buying a central public sector enterprise (CPSE).
Goods and services worth over Rs 1 lakh crore are expected to be procured from the public procurement portal GeM in 2021-22 on account of a sharp increase in buying activities by ministries like defence and PSUs, a senior official said.
GeM CEO Talleen Kumar said that the order value in 2020-21 is projected at Rs 37,000 crore, up from Rs 22,896 crore last year.
Goods and services worth over Rs 1 lakh crore are expected to be procured from the public procurement portal GeM in 2021-22 on account of a sharp increase in buying activities by ministries like defence and PSUs, a senior official said. The Government e-Market (GeM) portal was launched in August 2016 for online purchases of goods and services by all the central government ministries and departments.
GeM CEO Talleen Kumar said that the order value in 2020-21 is projected at Rs 37,000 crore, up from Rs 22,896 crore last year. “With the onboarding of the Ministry of Railways getting completed by March 2021, GeM is headed towards an order value of more than Rs one lakh crore next fiscal, which will be a ‘3X’ increase over current levels,” Kumar told PTI.
- Input inflation, muted demand drags on earnings growth
- Mandi arrivals rise after Supreme Court stay order on three farm laws
- Medium-term inflation targeting framework review: Don’t dilute inflation target, say economists
The public sector units (PSUs) procured goods and services worth over Rs 3,372 crore on GeM so far this year. Similarly, the Ministry of Defence has bought goods and/or services worth over Rs 3,406 crore this year so far. He said that onboarding railways involves the development of 42 railway-specific features and functionalities. Kumar also said that the GeM is steadily moving towards the vision of a Unified Procurement System with an aim to consolidate all government procurement onto a single, cohesive platform which can lead to economies of scale, more efficient price discovery, and sharing of best practices.
To promote the sale of Made in India goods, he said, GeM is capturing the ‘country of origin’ data for products already on the platform. “GeM has also enabled a provision to indicate the percentage of local content in products on the platform. Hence, government buyers can now view and filter across goods for both their ‘country of origin’ as well as ‘percentage of local content,” he added.
Britain’s Cairn hopeful of solution in $1.2 billion-plus tax tussle with India
Cairn Energy Plc said on Sunday it had discussed multiple proposals with Indian government officials in recent days in an attempt to find a “swift solution” to a long-drawn-out tax dispute with the South Asian nation.
Further, he added that the next version of the platform- GeM 5.0 – is stepping up the use of new technologies like AI (artificial intelligence) including machine learning and deep learning. Areas, where AI will be used, include catalog management; procurement planning, forecasting and monitoring; intelligent virtual assistant to aid buyer/seller journeys; fraud, and anomaly detection; customer mapping, segmentation and behavior prediction.
Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Dont forget to try our free Income Tax Calculator tool.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
- GeM portal expects procurement of over Rs 1 lakh cr in FY22 CEO
‘Banning cryptocurrencies would be like banning Internet in 1990s and will set India back by years’
Covid-19 has had a devastating impact on our economy leaving the majority of once-thriving industries in shambles. Crypto, on the contrary, has been generating jobs across a variety of functions in India and abroad.