The fourth version of the Government e-Marketplace, known as GeM 4.0, was launched by the Ministry of Commerce & Industry.
What is Government e-Marketplace?
The Government e-Marketplace (GeM) is a dedicated online platform where goods and services can be procured by various organizations and departments under the Government of India, and by the PSUs also.
- GeM is aimed at enhancing the efficiency, speed and transparency in public procurement of goods and services. It also serves the objective of eliminating corruption.
- It is administered by the Ministry of Commerce and Industries under the Directorate General of Supplies and Disposals (DGS&D).
- It is a completely paperless, cashless and system-driven e-marketplace that enables the procurement of common use goods and services with a minimal human interface.
- It is an online marketplace for government officers and others for procurement.
GeM 4.0 is the latest version of the e-marketplace. It adds on to the features that were already in place in the third edition of GeM. Some of the new features include the following:
- Sellers will get timely payment.
- Natural Language Processing (NLP) based advanced search engine.
- Demand aggregation wherein buyers can collate several orders of the same product for different consignees across many organisations within one ministry.
- The user interface has been revamped and made more user-friendly.
- Staggered or flexible delivery is allowed.
- The bidding module has been redesigned and now consignee-wise and item-wise bidding is permitted.
- Advanced analytics, machine learning, deep learning and AI are integrated into the portal.
- The grievance redressal mechanism has been improved.
- Cataloguing has been made simpler for sellers by introducing price variance.
- Ease of Payment options with integration with many banks and ERPs.
- Seller rating is now introduced making it easier for buyers to make their decisions, and also incentivising sellers to upgrade.
- Many new services and categories have been included.
- Now, sellers and buyers can interact with each other thus offering scope for improvement and a better understanding of the market.
- This version has dedicated pages for CPSUs (central PSUs).