37 C
Dubai
Tuesday, July 23, 2024
spot_img

WORLD NEWS | Government Electronics Market presents its success story at VivaTech Paris

[ad_1]

Panel discussion at VivaTech Paris 2023. (Photo/ANI)

by Shailesh Yadav

Paris [France]June 18 (ANI): Government e-Marketplace (GeM), an online platform for public procurement in India, has presented its success story at VivaTech, Europe’s largest technology and entrepreneurship event in Paris.

Read also | Nepal floods: One dead, 17 missing in Sankhuwasabha floods caused by heavy rains.

The four-day event brings together visionary start-ups, investors, organisations, researchers, corporations and talent from around the world who demonstrate the use of technology and innovation to advance human well-being.

During the panel discussion, GeM CEO and CFO Satya Narayan Meena highlighted strategies to unlock technology’s full potential to advance human well-being, emphasizing the platform’s role in promoting equitable access.

Read also | Pakistan: Imran Khan and Sister Uzma Khan summoned over Laiya land corruption scandal.

Meena told ANI that participation in VivaTech 2023 demonstrates how digital platforms created with a strategy and clear intent to reinvigorate and reimagine legacy processes can bring lasting change to countries and underserved populations. VivaTech 2023 provides GeM with a platform to showcase its achievements on a global platform.

Meena said the inauguration of the India Pavilion at VivaTech provided a landmark opportunity for GeM to showcase its commitment to a paradigm shift in India’s public procurement ecosystem through the use of technology, process digitization, digital integration and analytics for all stakeholders stories of success.

GeM was established in 2016 as a digital tool in the national interest. It is an end-to-end digital ecosystem that enables government buyers and private sellers to conduct procurement activities in a fair and competitive manner. It is based on the pillars of making government systems in public procurement markets more efficient, transparent and inclusive.

Since the organization’s inception, close to 1.5 lakh orders have been placed through the platform with a cumulative gross merchandise value of over Rs 4.2 lakh. In FY22-23 alone, GeM has crossed the milestone of Rs 2 trillion in gross value of goods transacted through the portal.

Meena also said that with its evolving capabilities and processes, such as push-button procurement, single-pack bidding, and annual procurement planning, GeM helps buyers make better-informed decisions, resulting in significant public savings. An independent 2020 study by the World Bank and IIM Lucknow estimated that purchasing through GeM saves an average of 9.75% on the median price. In 7 years, the platform has helped the public save close to Rs 40,000 crore.

Through the automation and digitization of processes, GeM has resulted in greater process efficiency, better information sharing, greater transparency, shorter process cycle times, and higher levels of bidder trust, which in turn has resulted in More competition and higher cost savings.

In VivaTech 2022, India was named Country of the Year. This year, India sent a delegation of around 70 start-ups under the Ministry of Electronics and Information Technology (MEITY), Department of Promotion of Industry and Internal Trade (DPIIT) and Ministry of Commerce. Industry, Government of India. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)


[ad_2]

Source link

Related Articles

Chinese and Indian Stocks Favored Over Japan in Second Half of the Year

Chinese and India, as the world’s two most populous countries, present vast opportunities for growth and investment. In the second half of the year, investors...

Dubai-Based Pakistani Designer Shines at Ambani Wedding, Glamour Unleashed

Dubai-based Pakistani designer's triumph at the Ambani wedding represents a significant milestone in their career and a proud moment for the South Asian fashion...

Ajman Department of Finance Engages Globally at 30th Annual Reserve Management Seminar

Ajman Department of Finance Participates in the 30th Annual Reserve Management Seminar Ajman, 4 July 2024: The Ajman Department of Finance, represented by Jassim Bu...

Labour Party Wins Big in UK Election, Keir Starmer Set to Be Prime Minister

Labour's historic win in the recent UK elections has marked a significant shift in the political landscape of the country, with Keir Starmer poised...

UAE President Conveys Condolences to India PM on Stampede Tragedy

UAE's gesture of condolences from President Sheikh Khalifa bin Zayed Al Nahyan to Prime Minister Narendra Modi exemplifies this spirit of empathy and unity,...

Latest Articles