Work contracts on GeM mulled, platform to become world’s largest govt procurement portal

GeM, led by CEO Prashant Kumar Singh, aims to surpass South Korea’s KONEPS by integrating construction contracts. FY24 procurement hit Rs 4 lakh crore, and FY25 Q1 reached Rs 1.24 lakh crore, with ministries and CPSEs, contributing Rs 91,000 crore. Nearly completed stakeholder consultations focus on a Unified Procurement System. MSME transaction charges were lowered to 0.3% with a Rs 3 lakh cap.