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In a high-level strategic meeting aimed at redefining India's economic backbone, Union Minister of Commerce & Industry Piyush Goyal met with department officials to accelerate the evolution of the Government e-Marketplace (GeM).
The session underscored GeM's role not just as a portal, but as a primary catalyst for a more transparent, competitive, and inclusive public procurement landscape. https://x.com/PiyushGoyal/status/2049530297793040535 "Held a productive meeting with department officials to explore ways to strengthen @GeM_India as a catalyst for transparent, competitive & inclusive public procurement. Deliberations focused on enhancing India's procurement ecosystem through digital enablement, robust price discovery & wider vendor participation, while empowering MSMEs, start-ups and women entrepreneurs to actively contribute to nation-building", he posted on X. The roadmap emphasises deep digital enablement to streamline the procurement process. By leveraging advanced data analytics and AI-driven tools, the ministry aims to ensure robust price discovery, ensuring that every rupee of taxpayer money is spent with maximum efficiency and accountability. A central theme of the discussion was the expansion of the vendor base. Minister Goyal highlighted the need for wider vendor participation to break traditional monopolies and foster a healthy, competitive environment. This "open-door" digital policy is designed to make the government a partner to every scale of business. Perhaps the most significant takeaway was the renewed commitment to social inclusivity. The strategy specifically targets the growth of MSMEs, start-ups, and women entrepreneurs, enabling them to play a more active role in public procurement and contribute to nation-building. Earlier on April 28, while addressing the media, Goyal also confirmed that the India-New Zealand agreement established a comprehensive framework for cooperation across education, technology, and traditional medicine. The deal specifically targeted a significant increase in foreign direct investment from New Zealand over the next quarter-century to boost domestic industry and employment. "100% of goods that can be imported from India to New Zealand will now be subject to zero duty...Partnerships in education, sports, culture, agriculture, productivity and technology, intellectual property, and traditional medicine, including AYUSH and Maori traditions, have also been established. A unilateral agreement has been signed in the fields of traditional medicine...It will be a highly beneficial FTA," Goyal said. The Minister highlighted a substantial shift in the scale of bilateral capital flow. He noted that while New Zealand's past contributions to India's foreign direct investment remained modest, the new agreement set the stage for a transformational influx of capital. This investment aimed to support India's development goals during the "Amrit Kaal" period. "Most importantly, New Zealand, which has invested only Rs 70 million in foreign direct investment over the last 25 years, or Rs 600-650 crore at today's exchange rate, will invest USD 20 billion dollars (approximately Rs 2 lakh crore) in India in the next 25 years. This massive investment will create millions of new employment opportunities, provide a major boost to business and industry, and enable us to move forward more rapidly in the 'Amrit Kaal'," the Minister added. (ANI)
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