GeM Platform stands for the Government e-Marketing Platform.
The GeM platform is considerable innovation done by The Government of India. The GeM platform for the sale and purchase of vital goods and services. The spectrum of goods and services procured by The Government of India is very wide. The GeM platform helps traders and buyers to spread their business on the GeM Platform and also they found their new business opportunity. The GeM platform also promotes Digital India.
Benefits to seller:-
- Direct selling– Its Refer to the single-level marketing of producers where direct selling of product & services through e-marketing. The GeM platform removes the middle man, and the rate provided to customers is reasonable.
- Support to the small traders-Government care about the MSME. It means micro, small, and medium enterprises that promote the local business of India. MSME’s majorly help in the development of the country. It means the total growth in the GDP(Gross domestic product). It will increase the patriotism of the country.
- E-bidding – The GeM platform bolsters it’s referred to as the electronic bidding event. A buyer and two or more suppliers take part in this online event.
Benefits to the buyer:-
- E-auction– A e-auction is a transaction between sellers & bidders that take place on an electronic market.
- Demand Aggregation– Increase in consumer spending on domestic goods and services increase in aggregate demand. There are four components of aggregate demand as follow:-
GOVERNMENT SPENDING (G)
NET EXPORTS (X-M)
Boycott Chinese Goods
The action against the backdrop tense standoff between India and Chinese troops along the LAC.
The GeM platform a special purpose vehicle under the commerce ministry, It has taken a crucial step to assist the make in India & self-sufficient.
It will also enable support to the local traders to promote local goods. What do you think the GeM Platform is a Good opportunity for Traders or Buyers?