Dear Sir,
Please find below YouTube Video Link on GST Rate w.e.f. 01st Oct 2021 (Industrywise impact) GST rate notifications dated 30th Sept 2021
https://www.youtube.com/watch?v=aso-N1_T1SY
Regards,
Bipul Kumar
Author: Business So Simple
Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs.
Constitution of an Expert Committee on Sustainable Finance (IFSC Authority Press Release dated 30th Sept 2021)
International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
India aspires to be a frontrunner in climate action, which is evident in its commitment towards its intended Nationally Determined Contributions under Paris Agreement. Raising financial resources for climate change adaptation and mitigation actions of this scale needs active participation of international investors. IFSCA envisions GIFT- IFSC as a global hub for sustainable finance thereby acting as a gateway for channelizing foreign capital into India.
IFSCA, in its endeavour to develop the required eco-system has constituted an Expert Committee to recommend approach towards development of Sustainable Finance Hub and provide road map for the same. The expert committee is being chaired by Shri C.K. Mishra, Former Secretary to Government of India, Ministry of Environment, Forest & Climate Change. The committee consists of leaders across the sustainable finance spectrum, including international agencies, standard setting bodies, funds, academia, and consultancies.
The constitution of the committee can be accessed through the following weblink:
https://ifsca.gov.in/IFSCACommittees
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RM/KMNRelease Id :-1759639
At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%
“At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%”: Shri Piyush Goyal
India poised to become one of the largest digital markets in the world, says Commerce Minister
UPI banking interface recorded highest ever, over 3.6 Bn transactions, last month
More than 2 trillion transactions processed using Aadhar last year
Minister says India’s fintech industry came to rescue of people during the lockdown and 2nd wave of Covid, promoting contactless banking
Ministry of Commerce & Industry Press Release dated Sep 30, 2021
The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal has said India is poised to become one of the largest digital markets in the world. Addressing the 2nd Global Fintech Fest-2021 through video conferencing today, he said, “At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%.”
“As of May 2021, India’s United Payments Interface (UPI) has seen participation of 224 banks & recorded 2.6 billion transactions worth over $68 Bn and the highest ever, more than 3.6 Bn transactions, in Aug’21,” said Shri Goyal. “Over 2 trillion transactions were processed using the AePS (Aadhar-enabled payment system) last year,” he added.
The Minister said India’s FinTech industry came to the rescue of people at the time of pandemic, by enabling them to carry out critical activities from the safety of their homes, particularly during the lockdown & the 2nd wave of Covid.
“As Prime Minister Modi says, ‘every crisis can be converted into an opportunity’, now citizens do not have to go to the banks, the banks have come to their homes and on their mobile phones,” he said.
Shri Piyush Goyal said, under the visionary leadership of the Prime Minister Shri Narendra Modi India underwent a digital transformation in Mission Mode since he announced the Jan Dhan Yojana in his first Independence Day speech on assuming office, on 15th August 2014. More than 2 crore accounts were opened under the scheme, which has been considered a world record, he said.
“JAM trinity, besides DBT, has brought in transparency, integrity and timely delivery of financial benefits and services to India’s vast population. “JAM trinity has enabled India to leverage its technical capabilities for developing Fintech sector.
The Minister said, under the National Broadband Mission soon every village in India will have high speed internet and this power can be leveraged to make India a Fintech Innovation Hub.
“I believe India is poised to become one of the largest digital markets with rapid expansion of mobile & internet networks. As India aims to become Aatmanirbhar, we want our industry & entrepreneurs to use local talent to produce globally marketable solutions, he said.
Shri Goyal said, FinTech today has the potential to bring investments for mobile apps, e-commerce stores & several other digital infrastructures.
“Investment inflow in the Fintech sector which has gone up to $10Bn since it started in 2016 has the huge potential to “Up the Game”, it will simultaneously enhance customer experience. Your strength will be augmented by the world’s 3rd largest Startup ecosystem which is hungry for growth.”
An interesting development is the emergence of embedded finance
The non-financial services sectors are also proactive in adopting FinTech solutions today.
Shri Goyal said that with the expansion of their value chains, we need to consume more and more fintech services will grow proportionally.
“Our MSMEs have also rapidly adopted FinTech solutions whether for credit, payments, accounting & tax filing. Government has recently launched the Open Credit Enablement Network (OCEN) & Account Aggregator (AA) framework. These enable formal credit flow to the most vulnerable segments, especially particularly small businesses, brings Ease for financial institutions to reach large segments, by lowering distribution costs and now institutions can give smaller loans, with short repayment cycles.
The Commerce Minister said, India is today one of the fastest growing Fintech markets with more than 2,100 FinTechs.
“A lot of Indian Fintech markets are unicorns and India’s market is currently valued at $31 Bn, and expected to grow to $84 Bn by 2025,” he said.
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Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) ( MCA Press Release dated 29th Sept 2021)
India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and development of the Nation, it is essential that the regulatory environment is conducive to support, and not burden, the growth in business and economic activities of these entities.
A preliminary analysis has been done by National Financial Reporting Authority (NFRA) on the key financial parameters of the companies registered in India from their MCA-21 filings and it is found that the fees paid to auditors by a large majority of Micro, Small and Medium Companies (MSMCs) are way below what an audit, when performed in compliance with the letter and spirit of the Standards of Auditing, would require.
Major economies of the world require statutory audit for small companies only in case some minimum criteria of public interest are satisfied. Even in India, income tax audit is now not compulsory where the turnover is Rs. 10 crore or less provided not more than 5% of the transactions are in cash. GST audit has also been completely done away with.
It is, therefore, appropriate to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest. NFRA has prepared a Consultation Paper explaining the issues involved and providing the data and information required for responding to the questions raised in an informed manner, with the objective to seek the comments/suggestions of the wider stakeholder group and the public at large on questions raised. The last date for receipt of comments is 10th November, 2021. The comments may be submitted by email at: comments-tac.paper@nfra.gov.in
NFRA’s Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) can be accessed on NFRA’s website at:
https://nfra.gov.in/sites/default/files/NFRAConsultationPaperMSMCs.pdf
About NFRA
National Financial Reporting Authority (NFRA) was established by the Central Government in October 2018 under Section 132(1) of the Companies Act, 2013. An important function of NFRA under section 132(2)(a) of the Companies Act, 2013 is to make recommendation to Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors.
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RM/KMNRelease Id :-1759494
Launching India Export Initiative and IndiaXports 2021 Portal (Ministry of MSME Press Release dated 29th Sept 2021)
Union Minister for MSMEs Shri Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
Speaking on the occasion, Shri Rane expressed confidence of India driving the export growth with the help of MSMEs and achieving the target of 400 Billion USD by this fiscal and achieving the challenging target of 1 trillion in exports by 2027. He said, to enhance exports and ensure localization it is essential to make the country a global manufacturing powerhouse by improving India’s manufacturing base. This can be achieved by scaling up India’s competitive advantage or augmenting the competitiveness of MSMEs and make India a preferred destination for manufacturing for the world. The Minister said, to reduce the trade balance and reduce imports, MSME will play an import role and it can be done through increasing their manufacturing capabilities. He added that adopting a holistic approach will make India a global manufacturing and leading export hub.
MoS Shri Bhanu Pratap Singh Verma recalled the time when India had a major share in global trade because of country’s powerful trade and exports. He said, MSME exports are going to play a role of a catalyst in restoring the strength of the Indian economy.With more than 63 million MSMEs spread across the geographical expanse of India, MSMEs have been contributing nearly 40% of overall India’s exports, contributing to approx. 6.11% of the country’s manufacturing GDP & 24.63% of the GDP from services sector.
IndiaXports aims to orient MSMEs free of cost, with the objective of focussing on the untapped export potential in existing tariff lines and supporting MSMEs in order to grow the number of exporting MSMEs and increase MSME exports by 50% in 2022 and contributing to the PM’s dream of the US $5 Trillion Economy.
This initiative features an Info Portal which serves as a knowledge base for exports by Indian MSMEs with the required information related to export potential for all the 456 tariff lines along with the potential markets as well as trends in exports, export procedures and lots more. Apart from an export help desk, Instructor led orientation will also be provided to MSMEs through a series of sessions for specific sectors highlighting the opportunities in specific products in international markets. The initiative targets 1 lakh+ MSMEs desirous of knowing more about exports and hand holding 30,000+ MSMEs to start exporting, doubling the base of active exporters.
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MJPS/MS/jkRelease Id :-1759307
More than 22000 compliances reduced in Government (Ministry of Commerce & Industry Press Release dated 28th Sept 2021)
More than 22000 compliances reduced in Government.
103 offences decriminalized and 327 redundant provisions/laws removed by the Centre
Exercise being carried out by Centre to simplify, decriminalize & remove redundant laws – Piyush Goyal
Reduction of compliance burden is the best way to strengthen & boost confidence of business owners- Shri Piyush Goyal
Our focus has been to simplify & streamline procedures to run or start a business – Shri Goyal
A big exercise is being carried out by Central Ministries & States/UTs to reduce compliance burden and the aim of this exercise is to simplify, decriminalize & remove redundant laws, said Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, Textiles, while speaking at the workshop on National Workshop on Reducing Compliance Burden organised by DPIIT here today.
Shri Goyal said that India, under PM Modi, has come a long way from red-tapism to laying the red carpet for businesses.
The mindset has evolved from “Not able to understand complexities” to “It’s so simple to start a business”.
He said that numerous regulatory compliances only confused the new prospects & built hesitation in investors but today we are creating a most conducive environment for entrepreneurs.
The Minister said that the soft launch of the National Single Window System is an outstanding example of Government’s commitment to simply and rationalise things.
The NSWS portal hosts approvals across 18 Central Departments & 9 States and another 14 Central depts & 5 states will be added by Dec’21.
Shri Goyal said that through a participative & consultative approach with all stakeholders we are identifying & eliminating hurdles in a timebound manner.
Speaking on the occasion Secretary DPIIT said that more than 22,000 compliances have been reduced by Union Ministries, States & UTs so far under the initiative and about 13,000 compliances simplified while more than 1,200 processes have been digitized. It may be noted that during last fee years 103 offences have been decriminalized and 327 redundant provisions/laws removed.
Shri Goyal said that the National Workshop on Reducing Compliance Burden will showcase the progress, achievements and notable initiatives under the exercise of Reducing Compliance Burden to ensure Ease of Living and Ease of Doing Business.
During the workshop Ministries and States showcased iconic reforms, shared Best Practices and highlighted impact created in continuous endeavour to reduce compliance burden and improve quality of living for citizens.
On the occasion Shri Piyush Goyal also released the Stakeholders Booklet on Reduction of Compliances.
The Workshop is going to promote peer learning among Ministries and States/UTs to facilitate swift adoption of Best Practices for improved Service Delivery to citizens and businesses.
With the intent to ensure “Minimum Government, Maximum Governance” the Government of India embarked on an ambitious journey to reduce burdensome compliances.
Department for Promotion of Industry and Internal Trade (DPIIT) pioneered this initiative and closely engaged with the States/UTs and Ministries for more than two years to improve the regulatory and governance model across the country.
Under the aegis of ‘Azadi Ka Amrit Mahotsav’, an initiative of the Government of India to celebrate and commemorate 75 years of progressive India and its achievements, DPIIT held this National Workshop on Reducing Compliance Burden.
The workshop was chaired by Shri Piyush Goyal, and also addressed by Ministers of State for Commerce and Industry Shri Som Parkash and Smt. Anupriya Patel.
Some of the iconic reforms implemented by the Centre to ease compliance burden on citizens and businesses are-
1) Removal of distinction between Domestic and International OSP (other service provider) which will provide thrust to voice-based BPO and ITeS organizations in India,
2) liberalized access to geospatial data,
3) Introduction of ‘Mera Ration’ mobile app,
4) Introduction of single step online Aadhaar validation process for 18 services associated with Driving License and Registration Certificate.
5) 46 penal provisions of the Companies Act, 2013 and 12 offences under the Limited Liability Partnership (LLP) Act, 2008 decriminalized.
6) Through business process re-engineering, States/UTs have reduced time for granting approvals/licenses, eliminated physical touch-points and brought transparency in inspections.
7) Single window clearances for new investors have reduced the time to start operations across businesses.
It was noted that many State Governments have also maintained the momentum of continued reforms by implementing licensing reforms, computerized central random inspection system, labour reforms, initiatives to support Medium, Small and Micro Enterprises (MSMEs) and promote industrial development in the true spirit of cooperative federalism.
In July 2020, Cabinet Secretary had written to all Ministries to set up a dedicated team to examine the Acts and Regulations under their purview and reduce the compliance burden for citizens and business activities. DPIIT has been directed to act as a Nodal Department to coordinate this exercise of reducing compliance burden on citizens and business activities.
The objective for this comprehensive exercise is to improve ease of living and ease of doing business by simplifying, rationalizing, digitizing and decriminalizing government to business and citizen interfaces across all Ministries and States/Union Territories. Following are the focus areas of this exercise:-
1) Eliminate compliance burden across all procedures, rules, notifications, circulars, office memorandums, etc. which merely add to time and cost without achieving any tangible improvement in governance.
2) Repeal/amend/subsume redundant laws.
3) Decriminalize laws pertaining to technical and minor non-compliance issues to eliminate constant fear of being prosecuted for trivial defaults, while retaining strict criminal enforcement for serious fraudulent offences that jeopardize and prejudice public interest.
In July-August 2020, DPIIT shared the template of Action Plan to reduce compliance burden with all Ministries and States/UTs. Each Department and State/UT appointed a nodal officer for coordinating the exercise for reduction of compliance burden.
So far, through a simple, transparent, and time-bound exercise various government agencies have reduced more than 22,000 compliances across Ministries and States/UTs.
As part of the exercise on reducing compliance burden, Ministries and States/ UTs implemented various initiatives that impact specific segments of citizens and businesses. Some of the iconic Initiatives of different departments are –
1) Department of Telecommunications:
– Distinction between Domestic and International OSP (other service provider) removed, allowing Indian Telecom Service Providers serving foreign counterparts to register as an OSP. Allowed sharing of EPABX and PSTN lines by domestic and international centers. This provides massive growth thrust to BPO, BPM and ITeS organizations providing voice-based services in India
2) Department of Science and Technology:
– Private, public entities and research institutes now allowed to collect, process, store, publish and share geospatial data and services including maps enabling an Indian firm offer world class geo spatial service such as Google maps. Liberalized access to geospatial data helps stakeholders plan better for infrastructure projects, protection from natural calamities and enables environment protection. Reduced reliance on foreign resources and technology for geo spatial mapping
3) Department of Food and Public Distribution:
– Migrant beneficiaries empowered to get their entitled quota of food grains from any electronic point of sale (e-PoS) enabled fair price shops across the country. ‘Mera Ration’ mobile app introduced to help users identify nearest fair price shop, check entitlement details and recent transactions. Ration cards made portable minimizing compliance pain of migrant beneficiaries in availing their food grain quota. Facility covers more than 75 Crore beneficiaries under National Food Security Act (NFSA) covering almost 94.3% of NFSA population
4) Ministry of Road Transport and Highways:
– Single step online Aadhaar validation process introduced for 18 services associated with Driving License (DL), Registration Certificate (RC), Transfer of Ownership, International Driving Permit, Hire-Purchase, etc., eliminating the need for citizens to visit the Road Transport Offices (RTO) leading to hassle free services at the doorstep of citizens
– Registration Certificate now issued at dealer location itself. Vehicle registration can be done anywhere in the state (Maharashtra, Delhi, Uttar Pradesh, Haryana, Chhattisgarh, West Bengal) vis-a-vis earlier process wherein it could be done only at respective RTO
5) Ministry of Education-
– Digital Infrastructure for Knowledge Sharing (DIKSHA) user interface developed to enable learners and teachers across the country to access curricula of NCERT, CBSE and SCERTs online. 1.85 lakh pieces of e-content on-boarded and high traffic on portal (~2,400 crore hits since lockdown) showcases its increased usage. Training of teachers has been enabled online on DIKSHA with about 25 lakh teachers benefitting from it.
6) Ministry of Micro, Small and Medium Enterprises:
– Samadhaan portal launched empowering MSMEs across the country to register and track grievances related to delayed payment and settlement of disputes. CHAMPIONS portal launched by the Prime Minister for speedy redressal of grievances of MSMEs. Over 37,000 grievances redressed (by Aug’21) with a reply rate of more than 99%.
– Sampark portal launched to help connect jobseekers (passed out trainees/ students of MSME Technology Centers) to recruiters. 4.73+ lakh jobseekers and more than 6,200 recruiters are registered on the portal till date
8) Department of Consumer Affairs:
– BIS Care app launched empowering consumers to check authenticity of ISI marked and hallmarked products. Citizens can also lodge complaints against fraudulent products using the App.
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DJNRelease Id :-1758949
NFRA issues Financial Reporting Quality Review Report of KIOCL Ltd. for FY 2019-20 (MCA Press Release dated 28th Sept 2021)
The National Financial Reporting Authority (NFRA) has issued a Financial Reporting Quality Review Report (FRQRR) in respect of KIOCL Ltd. for the financial year 2019-20.
The FRQRR is one of the two components of the Inspection Programme of the NFRA. The other component is the Audit Quality Review Report (AQRR).
The FRQRR focuses on the role of preparers, i.e., those responsible for the preparation of financial statements and reports in accordance with the applicable accounting standards. Therefore, the FRQRR evaluates how well the Chief Financial Officer, and the rest of the Management, and the Audit Committee, as well as the Board of Directors of the Company, have performed in preparing financial statements that show a true and fair view as required under the Companies Act, and in accordance with the applicable accounting standards.
The FRQRR concludes with an advisory to the preparers, highlighting the matters that need improvement. In case there are violations of accounting standards and the law that require action to be taken under the law, the matter is reported to the authorities who can take action.
The FRQRR in respect of KIOCL Ltd. is the first FRQRR issued by the NFRA. .
NFRA has prepared this FRQRR on the basis of examination of the financial statements of the Company for the Financial Year 2019-2020 and other information sought from the Company during the course of NFRA’s review.
NFRA Conclusions/Recommendations in respect of its observations have been categorized into ‘High’ and ‘Moderate’ Impact. Some of the main High Impact Non compliances w.r.t. to Accounting Standards on part of KIOCL are as follows:
- KIOCL’s accounting policy for Foreign Exchange (Fx) Forward Contracts is erroneous and it is non-compliant with the classification and measurement requirements of Ind AS 109, Financial Instruments (Ind AS 109).
- The accounting policy for a material element i.e. Revenue (with corresponding impact on related assets such as Trade Receivables, Inventories etc.) as stated in its statement of significant accounting policies is erroneous. This erroneous accounting policy raises questions over the reliability and accuracy of the financial statements of the Company.
- Adequate evidence, such as valuation reports, if any, have not been provided by KIOCL in respect of application of Indian Accounting Standard (Ind AS) 36, Impairment of Assets (Ind AS 36) in the case of the Blast Furnace Unit that was non-operational. Also, there is no evidence that impairment loss computations were considered/reviewed/ presented to Audit Committee and the Board of Directors (BoD) of the Company.
Many other errors have been noticed in disclosures in the Notes to Financial Statements. These disclosures are either not relevant or useful to the users of financial statements, and have the potential to obscure the material information in the financial statements.
NFRA has recommended that KIOCL examine if it is necessary to prepare and publish restated financial statements as per Ind AS 8 and Section 131 of the Companies Act, 2013.
The FRQRR can be seen on NFRA website on the URL:
https://nfra.gov.in/sites/default/files/FRQR%20Report%20KIOCL_1.pdf
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RM/KMN
Release Id :-1758789
Regulatory Impact Assessment (RIA) for revision of existing Accounting Standards (Ministry of Corporate Affairs Press Release dated 28th Sept 2021)
In accordance with Rule 6 of National Financial Reporting Authority Rules, 2018, the Institute of Chartered Accountants of India (ICAI) has submitted to National Financial Reporting Authority (NFRA) an Approach Paper for revision of existing Accounting Standards of Companies that are not required to follow Indian Accounting Standards (Ind ASs). Alongwith the Approach Paper, the proposed texts of 18 revised Accounting Standards (ASs) out of a total of 32 revised ASs expected to be prescribed upon completion of this AS revision project was submitted by ICAI.
NFRA notes that most of the companies to which these proposed revised ASs will apply are Private Limited Companies. Many of the companies are of very small net worth or turnover or indebtedness or a combination of these. They would be mostly owned by small families, sometimes along with a small circle of friends and relatives. Therefore, public interest in the General Purpose Financial Statements (GPFSs) of these Companies would most likely be minimal. There are a number of Revised ASs which are very large and complex and may not be relevant and useful to the limited users of GPFSs of these Companies. The expected standard audit cost to perform reasonably good quality audit, performed in compliance with the letter and spirit of the Standards on Auditing (SAs) is significantly more than the presently reported audit fee ranges i.e., a very large percentage of AS Companies have reported Payment to Auditors of less than ₹ 25 thousand.
Based on the findings above, and persuaded by the limited extent of public interest in the GPFSs of AS Companies, and the need for enabling a regulatory environment conducive for their economic growth, NFRA has recommended to the ICAI that a Regulatory Impact Assessment be conducted of this revision proposal, duly including all the standard features of such a process, and, in particular, to take action as follows:
- The Approach Paper should be developed in a transparent manner after extensive nation-wide consultation with the primary stakeholders i.e., the Preparers – MSMCs (Micro, Small and Medium-size Companies) and Auditors – MSMPs (Micro, Small and Medium-size Practitioners). ICAI is requested to send NFRA the analysis of the public comments on the Approach Paper if the ICAI had performed any such public consultation in the past.
- Comprehensive study and research should be undertaken on the costs to the Preparers of compliance with these Revised ASs and their technical resource capacity, which should be evaluated against the likely benefits to all the stakeholders of AS Companies.
- ICAI should reconsider the Structure, Form and Contents of Revised ASs for AS Companies and align the same to the nature, size and complexity of the ASs, to their commercial needs, business size, capacity to comply with the prescribed standards, and relevance to their primary users.
ICAI’s Approach Paper and NFRA’s response to the ICAI Approach Paper have been posted on NFRA’s website at:
https://nfra.gov.in/sites/default/files/Letter%20to%20Secretary%20ICAI%20reg%20Recommendations%20of%20ICAI.pdf
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RM/KMNRelease Id :-1758961
GeM wins global Digital Technology Application award beating stiff foreign multinationals
Government e Marketplace bags prestigious CIPS Award
GeM wins global Digital Technology Application award beating stiff foreign multinationalsPosted Date:- Sep 23, 2021
Government e Marketplace (GeM) was announced as the winner in the “Best Use of Digital Technology” category at the CIPS Excellence in Procurement Awards 2021 (CIPS Awards). GeM emerged the winner in this category after competing with some of the biggest and best names in procurement across the public and private sector globally, including GEP, Jaguar Land Rover, Royal Dutch Shell, Vendigital and Shell. GeM was shortlisted as a finalist in two additional categories as well, i.e., ‘Public Procurement Project of the Year’ and ‘Best Initiative to Build a Diverse Supply Base’ where it was in the august company of some path-breaking organizations with great initiatives. The award was received on behalf of GeM by Shri Rohit Vadhwana, First Secretary (Economic), High Commission of India, in the UK at a ceremony held London yesterday.
The CIPS Awards are one of the leading recognitions around procurement globally, which is conducted under the aegis of The Chartered Institute of Procurement & Supply (CIPS), London. CIPS is a global not-for-profit organisation and professional body dedicated to promotinggood practices in procurement and supply management, with a community across 150 countries.
Recognition of GeM on a global platform of this stature is a tremendous shot in the arm for the GeM team and a testament to the vision of the PM Shri NarendraModi. GeM has brought its technology-driven innovations and strategic business processes in pursuit of three fundamental goals: driving transparency, efficiency and inclusiveness in public procurement. The design and development of the GeM platform- its digital features and functionalities, key business processes as well as the ancillary offline activities like outreach and training of stakeholders-is guided by these three goals. The use of forward-looking technologies has helped GeM to broadly achieve these goals and more, over the past five years. GeM offers a cashless, contactless, and paperless experience for sellers and buyers, and serves as an end-to-end solution for procurement of common use goods and services by Government buyers. GeM has completely replaced a previously fragmented public procurement ecosystem by a unified and easy-to-use e-marketplace helping to leverage competitiveness, accessibility, and economies of scale of a diverse, open and transparent procurement system. GeM is an example of how digital platforms created with a strategic and clear intent to transform legacy processes can effect lasting change.
Government e Marketplace is a 100% Government owned Section 8 Company setup under the aegis of Department of Commerce, Ministry of Commerce and Industry for procurement of goods and services by Central and State Government organizations.
Ministry of Commerce & Industry Press Release dated 23 Sept 2021
Rules of Business have to be same for all
Rules of Business have to be same for all, says Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal
“We must position India as a global player by becoming competitive”: Shri Goyal
Logistics Portal to bring in ‘Ease of Doing Business’ and bring in transparency
Best practices in exports development should be shared
World is looking at India as Favoured Investment Destination
Innovation, Quality and Competition by Exporters is going to define the Brand India
Vanijya Saptah events organized by Ministry of Commerce & Industry throughout the country have been a huge success, says Minister
Ministry of Commerce & Industry Press Release
Posted Date:- Sep 27, 2021
The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal today said, the ‘Rules of Business’ have to be the same for all stakeholders. Addressing the ‘Vanijya Saptah Samapan Samaroh’, organised by the Federation of Indian Export Organisations (FIEO) here today, Shri Piyush Goyal said, “Irrespective of whether they are big or small business houses, or where they are from or any other differentiating factor, we would like everybody to have equal opportunity to do their businesses honestly, and grow their businesses.”
The Commerce Minister said accountability and stipulated timelines should be there and Best Practices of various States or Ministries in Exports Development must be shared. Without setting a timeline, Shri Piyush Goyal said the Government plans to scale $1 trillion exports in both Merchandise and Services. “We must position India as a global player by becoming competitive,” he said.
Referring to the Prime Minister Shri Narendra Modi’s recent visit to the United States, Shri Goyal said, many leading entrepreneurs have shown keen interest to invest in India during the PM’s meeting with heads of multinationals. Launching the ‘Ease of Logistics’ portal, the Minister said it will bring in transparency. Shri Goyal said the world is looking at India as the Favoured Investment Destination. “Innovation, Quality and Competition by Exporters is going to define the Brand India,” he said.
Shri Piyush Goyal complimented the FIEO and the entire fraternity of exporters for the unprecedented success of events during the Vanijya Saptah including Vanijya Mahotsavs. Shri Goyal said events were organised in all 739 districts of the country during the ‘Azadi Ka Amrit Mahotsav’ observed by the Ministry of Commerce and Industry and all its offices during the last week. He said, over one crore people were directly or indirectly involved with the week-long celebrations, he said. The various events across the country were addressed by 23 Union Ministers, 9 Chief Ministers, 3 Lt. Governors and 26 Ministers of State.
Business So Simple 