Category: Entrepreneurship

Shri Goyal asks Chartered Accountants all over the world to be ambassadors of Brand India

Posted on by Business So Simple in Entrepreneurship

Shri Goyal asks Chartered Accountants all over the world to be ambassadors of Brand India


Asks Chartered Accountancy firms in India to develop global partnerships and become international firms

Asks Chartered accountants to always do justice to the immense legacy of trust, honesty and high standards left behind by their predecessors

Calls upon ICAI to work towards opening 100 offices world over

Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today asked Chartered Accountants all over the world to be ambassadors of Brand India. He was addressing the gathering in San Francisco after launching the Institute of Chartered Accountants of India (ICAI) in 6 regions in the United States.

The Minister congratulated the office bearers of ICAI for the good work they have been doing in furthering the profession.

Conveying his greetings on Azadi Ka Amrit Mahotsav, Shri Goyal said that the next 25 years would be a very crucial time for India to grow from strength to strength and occupy an important place in the geopolitical arena. ICAI also has a crucial role to play in this journey of India, he said and added that he was looking forward to a time when ICAI would have a hundred international offices.

Underscoring that Chartered Accountants all over the world have been contributing immensely to economic development, the Minister said that Chartered Accountant Professionals were custodians of integrity. Referring to the signature of a CA was a mark of integrity and honesty, Shri Goyal said that the value of this signature made the task of CAs even more serious and onerous.

Referring to the 21st World Congress of Accountants which is to be held in Mumbai in November 2022 for the first time in 118 years, Shri Goyal said that it was set to happen when India was at the cusp of the G20 presidency. It is a recognition of the growing relevance India has in the comity of nations, he added.

Observing that India was an island of stability in a turbulent world, the Minister said that India is one of the fastest growing nations today. Stressing upon India’s relentless focus on inflation, Shri Goyal said that since 2014, the government had ensured that inflation was the primary focus of RBI and since 2014, India had seen inflation at an average of 4.5%, the lowest we have seen in any 8-year period since independence.

Touching upon the uncertain inflation scenario in the world today, the Minister said that India was one of the most favoured investment destinations and a preferred partner to the world today. World leaders are making every effort to expand their engagement and trade with India through bilateral agreements. We have had two successful FTAs with Australia and UAE and we are at an advanced stage of negotiations with the UK and it will possibly be concluded by Diwali, he said.

The Minister spoke of the game-changing economic reforms in India such as GST, IBC, decriminalisation, and compliance reduction to improve ease of doing business, low Corporate Tax of new businesses coming to India, removal of Dividend Distribution Taxes and National Single Window etc. had brought about renewed enthusiasm in India to expand business and economic activity.

Shri Goyal gave four calls to action to ICAI and its members world-wide:

He urged them to present tremendous investment opportunities available in India to their international clients.
He asked each of the members of ICAI to be ambassadors of brand India and help spread the message of high quality products at competitive prices that India has to offer. India has expanded exports greatly. We have a vibrant One District One Product (ODOP) initiative and atmanirbharta is at the core of our growth philosophy, he said.
Minister asked the members of ICAI all over the world to use made-in-India products whenever possible, especially for gifting. He stressed that the motto of sabka prayas was applicable to every Indian in the world.
Shri Goyal also called upon Chartered Accountancy firms of India to aspire to develop global partnerships and become international level firms. The legacy of trust, honesty and high standards left behind by our predecessors must always inspire us to do justice to the trust reposed on us by the world, the Minister said.
Minister @PiyushGoyal launched 6 representative offices of @TheICAI in USA.

With game-changing economic reforms in India, he urged Chartered Accountants to present the tremendous investment opportunities back home to their clients & be ambassadors of Brand India. pic.twitter.com/YDA7aPxqBl

— Piyush Goyal Office (@PiyushGoyalOffc) September 5, 2022

Press Release 06th Sept 2022

US Startup SETU

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, Startups

Shri Piyush Goyal launches US Startup SETU – Supporting Entrepreneurs in Transformation and Upskilling programme in Sanfrancisco


SETU to connect start-ups in India to US-based investors and start-up ecosystem leaders

SETU to provide mentorship and assistance to startups in various areas including funding, market access and commercialization

SETU to break geographical barriers between mentors based in US and sunrise startups in India

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal launched the US Startup SETU – Supporting Entrepreneurs in Transformation and Upskilling programme in the Bay Area of San Francisco. The initiative would connect start-ups in India to US-based investors and start-up ecosystem leaders with mentorship and assistance in various areas including funding, market access and commercialization.

 The programme was launched at a luncheon interaction focused on specific issues related to start-up ecosystem in India. The meeting focused on ways to encourage domestic incorporation and mentorship of early-stage Indian startups by successful diaspora members in the Bay Area.

 SETU is designed to break the geographical barriers between mentors based in US that are willing to invest in entrepreneurship and sunrise startups in India. The interaction will be supported through the mentorship portal under the Startup India initiative MAARG, or the Mentorship, Advisory, Assistance, Resilience, and Growth program, which is a single-stop solution finder for startups in India. The portal has been developed with the idea to be accessible from every corner of the country to connect with a mentor. A mentor will offer human intelligence in guiding the startups. It may be noted that till date, more than 200 mentors have been successfully onboarded on MAARG across the globe.

The core functions of MAARG are to improve ease of access, use Artificial Intelligence for Matchmaking, schedule meetings virtually, host masterclasses, provide a custom dashboard for relevant information, analytics, features, etc., host cohort-based programs that will allow startup ecosystem enablers to be become a part of the program and enable outcome driven activities.

 The minister held frank and fruitful discussions with venture capitalists and industry leaders in the area during several meetings he held in the Bay Area. Venture capitalists and other investors expressed optimism about the business outlook in India.

“One of the key takeaways is that the Bay Area is very bullish on India, very excited about the potential that India, Indians and Indian startups and Indian businesses have to offer. Very excited about the talent available in India. They see huge potential in the large market that India is, 1.3 billion aspirational Indians,” Shri Goyal said after the meetings.

“There were suggestions about mentorship. We’ve launched the SETU programme where we are looking at supporting  entrepreneurs through transformation and upskilling intiatives. We’re also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated particularly in tier-2, tier-3 and tier-4 towns and remoter areas. Lot of good suggestions have been brought to the table,” he said.

It is estimated that about 90% of the start-ups and more than half of the well-funded startups fail in their early days. Lack of experience in handling the business is a key issue, and founders require the right guidance for taking a decision and moral support.

As India heads towards becoming a supreme start-up destination, the right guidance at the right time is paramount. The Government of India invites the stalwarts, seasoned experts, and industry leaders to give back to the nation by adding value to a startup’s journey.

MAARG is inviting applications from Mentors across the world. Till date, more than 200 mentors have been on-boared on MAARG across the globe. The applications have come from distinguished individuals representing the industry and the startup ecosystem.

Press Release 07th Sept 2022

Simplified regulatory framework for e-commerce exports of jewellery through courier mode (Press release 14 July 2022)

Posted on by Business So Simple in Business Consultancy, Custom, Entrepreneurship

A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).

The SOP details the handling, movement and procedural aspects for such exports, based on electronic declarations, through International Courier Terminals.

The framework keeps in view the need for uniformity of action by Customs that brings certainty for the trade. It also addresses a unique requirement of the e-commerce Eco-system for re-import of rejects in certain cases to the prescribed extent.

It may be recalled that the implementation of simplified framework was announced by Union Finance Minister Smt. Nirmala Sitharaman in this year’s Budget speech. Following this, the CBIC held wide-ranging consultations with stakeholders, such as industry associations, members of the trade, e-commerce operators, authorised couriers and the customs field formations, before finalizing the SOP. A period of one month has been provided for transition. The first phase begins with exports through Bengaluru, Delhi and Mumbai locations.

Click CBIC Circular No 09/2022-Customs dated 30.06.2022 to view the SOP and Notification.

Various steps taken by Government since 2014 helped keep economy and people afloat in difficult times

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, Financial Prudence, News Desk, PMLA

Various steps taken by Government since 2014 helped keep economy and people afloat in difficult times: Smt. Nirmala Sitharaman


Government’s targeted approach during Pandemic helped to deliver assistance to citizens: FM

FM inaugurates Department of Economic Affairs Iconic Day celebrations today; launches ‘NETRA Portal and Mobile Application:

Finance Minister launches DEA’s three short films on Externally Aided Projects, financial literacy and lines of credit to other countries by the Government

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Iconic Day celebrations of the Department of Economic Affairs with Securities and Exchange Board of India (SEBI) under the Azadi Ka Amrit Mahotsav (AKAM) here today. Along with the Union Finance Minister, Shri Ajay Seth, Secretary, D/o Economic Affairs; Dr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance and Shri S.K. Mohanty, Whole Time Member, SEBI also participated.  The occasion also saw participation from key dignitariesand prominent leaders from the world of finance.

In her address, the Finance Minister said that India’s fundamentals are once again sound because of the many steps taken by the Government since 2014. Major steps taken by the Government, before the COVID-9 pandemic hit us, which include reducing the corporate tax, ensuring that the economy is greatly digitised, bringing in the GST and IBC – all of this heavylifting prepared us for the unprecedented situation of the Pandemic, she said.

Smt. Sitharaman emphasised that when Government looks at targeted approach of providing assistance and takes the input from the ground and does so quickly, in time and in an open fashion, the impact is for all to see. In this context she cited a study on Pradhan Mantri Garib Kalyan Yojana (PMGKY) which brought out that the probability of people cutting down consumption utilities has come down by 75% across the country. The study has also shown that the PMGKY reduced the probability of borrowing money by 67% of all respondents.

Citing another study on the Emergency Credit Liquidity Guarantee Scheme (ECLGS), the Finance Minister stated that as of March 2022 loans sanctioned under this scheme have crossed Rs 3.19 lakh crore and the scope of ECLGS has now been extended till 2023. The study says that this handholding has kept many people afloat during the Pandemic.

The third study highlighted by the Finance Minister was on the Ayushman Bharat scheme wherein the implementation of this scheme has been associated with a 21% decline in out of pocket health expenditure and 8% reduction in the tendency to borrow for emergency health purposes.

The Finance Minister underlined that the Department of Economic Affairs has channelised external aid towards every region of the country, with the support of multiple multilateral institutions. India very smartly raised funds and distributed them not only for infrastructure building but also for livelihood prospects in each region. Smt. Sitharaman also appreciated the DEA’s efforts through the IDEAS project that spans across so many countries and making a difference to livelihood environment, especially for most of Africa and also for the Island countries.

In his address during the AKAM celebrations, Chief Economic Advisor Dr Anantha V. Nageswaran said that the structural reforms of this Government, such as the Goods and Services Tax (GST) and the Insolvency & Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate. The CEA underlined that for these reasons India is forecasted by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27 and if GDP of the country doubles every 7 years, we will be $20 trillion GDP by 2040 with the per capita income close to $15,000.

Dr Nageswaran stated that India is better-positioned than many other countries in facing the current challenges. He indicated that we face challenges of managing a sustainably high growth rate, moderate inflation, keeping the fiscal under balance and also ensuring that the external value of the rupee remains stable. The CEA stated that the Government is prepared to meet the challenges of balancing these core important considerations.

Smt. Sitharaman launched ‘NETRA (New e-Tracking and Remote Administration)’ Portal and Mobile Application for Indian Development and Economic Assistance Scheme (IDEAS).

NSDL’s outreach initiative ‘Market Ka Eklavya – Express’, a programme specially designed to introduce students to the basics of investing and financial markets was screened during the event.

Market Ka Eklavya – Express’:

‘Market Ka Eklavya – Express’ lays the foundation of the twin pillars of Financial Independence, namely, Financial Awareness and Financial Discipline in a simple language using relatable examples from everyday life to explain complex concepts. As a part of the AKAM celebrations, NSDL has recently launched the programme in 8 languages to reach 75 cities to commemorate 75 years of independence.

The Finance Minister also released a short film ‘Sahyog se Samriddhi’ on Externally Aided Projects during the Iconic Week celebrations of Azadi Ka Amrit Mahotsav. The film showcased the role of Externally Aided Projects in India’s development trajectory since 1947, with a special emphasis on India’s engagement with multilateral and bilateral agencies in last 8 years.

‘Sahyog se Samriddhi’:

Smt. Sitharaman also inaugurated a film on the lines of credit called “IDEAS – India Partnering in Global Growth”. This film showcased India’s recognition as a trusted development partner for the developing economies. The Indian Development and Economic Assistance Scheme (IDEAS) has played a key role in the socio-economic development in the partner countries. The film features key marquee projects financed by Exim Bank of India under the GoI Lines of Credit  in Africa, Asia, Latin America, Oceania, and the CIS region.

“IDEAS – India Partnering in Global Growth”:

During the morning session, engaging discussions on ‘Emergence of women investors in securities market’ and ‘Growth of Indian retail investors’ during the symposium on ‘Jaagruk Niveshak: Samridha Bharat ki Neev’ organised by SEBI in collaboration with Department of Economic Affairs took place. The idea of an enlightened investor empowered to make informed financial choices was central to the discussions. The symposium also explore the exciting possibilities presented by the encouraging trend of increasing participation of women in financial markets.

Watch live streaming:

Ministry of Finance Press Release Id :-1832085, 08th March 2022

New Initiatives by GeM to promote sustainable public procurement of products and services

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, Public Affairs

Government eMarketplace [GeM] is promoting sustainable public procurement [SPP] of products and services in association with the United Nations Environment Program [UNEP]. Since the launch of Green Room Air Conditioners [RAC] in June 2021, GeM has taken a series of path-breaking steps to roll out new features and functionalities on the portal to promote the adoption of environmentally sustainable products and services.  

Speaking on World Environment Day, Shri PK Singh, CEO GeM said that GeM is prioritizing the listing and availability of environmentally sustainable products and services by targeting the largest selling products and services on the portal, and products and services based on their potential for impact on the environment. Further, GeM has proactively created and listed new product and service categories, and implemented new functionalities, namely; forward auction for safe disposal of obsolete machinery, and buyback option for disposal of obsolete assets and procurement of new products.

Shri Atul Bagai, UNEP Country Head, highlighted that public procurement represents a sizable proportion of Government’s spending. By promoting SPP practices, governments have the opportunity to create high-volume and long-term demand of sustainable products and services. Shri Bagai reinforced UNEP’s support and commitment for achieving this objective.

SPP of Products on GeM

On 05th June 2021, Green RACs were launched on GeM. The purchase of Green RACs is  on a voluntary basis. and the faster adoption of such products by government buyers will pave the way for realizing India’s Nationally Determined Contributions [NDC] and its commitment towards Sustainable Development Goal [SDG] # 12 “Ensure Sustainable Consumption and Production Patterns” with special emphasis on target 12.7 – aims to “Promote public procurement practices that are sustainable, in accordance with national policies and priorities.” In 2021-22, government buyers procured 176 green RACs worth INR 3.65 Crore.

Writing and printing paper [Maplitho], an uncoated paper used to make textbooks, notebooks, from hardwood pulp) is a popular product category on GeM. Approx. 90% of the total procurement of writing and printing paper is for Eco-mark paper which is a standard applicable for manufacturer producing paper from agro-based and recycled fibre-based raw material.

GeM has created marketplace filters to help government buyers identify solar-powered renewable products such as inverters, streetlights, torch lights, study lamps, water heating systems, and battery-powered e-rickshaws for passengers.

Daily use products for pollution tracking, monitoring and rehabilitation, refuse disposal and treatment of hazardous and non-hazardous waste including sewage treatment are already listed and available for procurement on the portal.

GeM has introduced “The Green Gold Collection”, a dedicated online market store to showcase a range of bamboo accessories for potential use in the construction sector and exquisitely handcrafted bamboo handicrafts, daily-utility products/ disposals for government buyers. Bamboo producers will be able to list their products under different product categories.

SPP of Services on GeM

Presently, 250+service categories are live on GeM.. Notable services with a sustainable procurement component include:

  • Lease hiring of electric vehicles [short and long-term] for senior officers including operations and maintenance,
  • Event and monthly-based hiring of air conditioners and desert coolers including supply, installation and maintenance for required number of days or contract period,
  • Energy efficiency services namely, energy conservation and energy audit services and hiring of consultant for energy efficiency services/ projects,
  • Waste Management services, namely; biomedical waste management services, collection and disposal of waste management services, e-waste management, garbage collection and disposal, and municipal sewage waste,
  • Water Conservation, including rejuvenation of water bodies, and testing of water quality,
  • Annual maintenance contracts [AMC] for solar plant, wind, hydro and bio plants, and
  • Water audit and afforestation services, namely; plantation and tree translocation services, to name a few.
  • Housekeeping service with eco-friendly chemical cleanliness and conservancy of office premises, hospitals and guest houses etc.
  • Operation and Management of Electric Buses is available on GeM where buyers can hire electric buses with its operation and maintenance.
  • GeM is working towards the launch of a new service “Green Transition Service” on the GeM portal for buyers who seek a structured framework to achieve carbon neutrality and aim for being net zero Carbon emissions in their operations. Service components will include; estimation and preparation of GHG emissions inventory, developing methodology for accounting of GHG emissions, preparation of detailed project reports on calculation of carbon footprint, milestones, implementation and monitoring plan for the assessment year, leading to a comprehensive roadmap for achieving net-zero emissions.

New Functionalities to promote SPP

New features/ functionalities like “forward auction” provides opportunities for government buyers/ auctioneers to auction on the GeM portal and potential bidders can participate in these bids to purchase the fully-depreciated and or obsolete assets using the auction mode. The forward auction facility is available for a wide range of product categories including e-waste of electronic and electrical equipment, land and buildings (industrial, commercial and residential), machinery (electric, industrial and non-electrical), scrap/ disposal of lube/ waste oil, metallic, non-metallic, usable and scrap vehicles and other items of monetary value for reuse.

The “buyback option” presently available in 37+ product categories permits sellers to quote the price of new goods along with the price offered for old goods as buy back. Government buyers can now exercise this option at the time of creating bids on GeM to dispose their obsolete assets and procure new products. 

Several PSUs, government ministries, state departments and municipal corporations have started considering environmental and energy efficiency criteria in their procurement decisions. Procurement of environmentally friendly products and services has a cascading effect through reduction in waste-generation, lower water consumption, efficient energy consumption and reduced carbon emissions, thereby ensuring fair and sustainable economic growth and delivery of social benefits. GeM will collaborate with UNEP and fellow partners in supporting, promoting and synergizing the Sustainable Public Procurement [SPP] initiative of the Government of India.

(Sources: Press Release dated 04 June 2022, Release Id :-1831192)

Cooperative Societies on GeM Platform. Benefits of purchase through GeM.

Posted on by Business So Simple in Entrepreneurship, GeM, Public Affairs

Purchases through GeM will provide the following benefits:

  1. The Cooperatives would get competitive prices through an open and transparent process, and this would be economically beneficial to the members of the societies.
  2. The Cooperative societies can procure from about 45 lakh authenticated sellers/ service providers available across the country on a single GeM platform,
  3. Following the standard procedures on GeM would lead to saving of time and reduction in the administrative burden.
  4. It would enhance the credibility of the cooperatives as complaints of mismanagement of funds will get reduced.

GeM authorities will provide a dedicated on-boarding process for cooperatives, technical infrastructure and support for on-boarding and transactions, via available contact centres, in-field training, and other support services.

The Union Cabinet under the visionary leadership of the  Prime Minister Shri Narendra Modi has approved the registration of cooperative societies as ‘Buyers’ on Government e-Marketplace (GeM) platform. This will enable the cooperative societies to access more than 45 Lakh vendors on a single platform and to follow a transparent, economic and efficient procurement system.

Under the leadership of Union Minister of Cooperation Shri Amit Shah, Ministry of Cooperation is encouraging Multi State Cooperative Societies and Cooperative Societies registered under State Cooperative Acts to join the GeM platform for the benefit of their members and hopes that more and more cooperatives Societies will get benefit of this by joining GeM platform.

At present, there are about 8.54 lakh cooperatives in India with about 29 crore membership. They have been performing a wide range of activities for the production of goods and services. These cooperatives make huge purchases of goods and services from the open market to support their operations.  There was a felt need to provide a platform to them to avail competitive prices through a transparent and efficient process resulting in benefit to the members of the cooperative societies.

Government e-Marketplace (GeM) has been set up as a National Procurement Portal to provide an end-to-end online market place for Central and State Government Ministries/ Departments, and PSUs etc. for procurement of common-use goods and services in a transparent and efficient manner. The Gross Merchandise Value of procurement using GeM was more than Rs.1 lakh crore in the FY 2021-22. There are around 54 lakh products listed across 9,702 product categories and 279 service categories. There was an estimated savings of around Rs.10,000 crores in the FY 2021-22.

(Press release: Release Id :-1830333 dated 02 June 2022)

E-Concurrence Module Launched on Government e-Marketplace (GeM) for Ministry of Defence

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, News Desk

As a significant step towards the Digital India vision of the Government, Government e-Marketplace (GeM) has developed an IT module for Ministry of Defence, for integration of competent financial authorities and Internal Financial Advisers (IFA) for online e-concurrence and approval of procurement proposals on GeM portal. The integration module was launched by Shri. Rajnish Kumar, Controller General of Defence Accounts (CGDA), in the presence of Shri Prashant Kumar Singh, Chief Executive Officer of Government e-Marketplace (GeM) at Defence Accounts Department Headquarters in New Delhi on June 01, 2022.

The module has been developed by GeM over the course of last one year, utilising Business Process Re-engineering (BPR)-based procedural inputs provided by the Ministry of Defence, Defence Accounts Department Headquarters and the Headquarters of the various defence services and other MoD organisations.

Procurement by Ministry of Defence (MoD) through Government e-Market (GeM) portal had reached an all-time high of Rs 15,047.98 crore for the Financial Year 2021-22, which is more than 250 percent over the last financial year.

Press Release dated 01/06/2022

Cabinet approves Expanding the mandate of Government e Marketplace – Special Purpose Vehicle (GeM – SPV) to allow procurement by Cooperatives as Buyers. Move will help cooperatives in getting competitive prices

Posted on by Business So Simple in Business Consultancy, Entrepreneurship, Miscellaneous, News Desk, Public Affairs

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for expanding the mandate of GeM to allow procurement by Cooperatives as buyers on GeM.

The Government e Marketplace (GeM) was launched on August 9, 2016 by the Ministry of Commerce and Industry, Government of India to create an open and transparent procurement platform for Government buyers. A Special Purpose Vehicle (SPV) by the name of Government e- Marketplace (GeM SPV) was set up as the National Public Procurement Portal on 17th May, 2017 in pursuance of the approval, of the Union Cabinet accorded on 12th April, 2017. At present, the platform is open for procurement by all government buyers: central and state ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc. As per existing mandate, GeM is not available for use by private sector buyers. Suppliers (sellers) can be from across all segments: government or private.

No. of beneficiaries:

More than 8.54 lakh registered cooperatives and their 27 Crore members would be benefitted with this initiative. GeM portal is open for all the buyers and sellers across the country.

Details:

1. GeM is already adequately developed as a one stop portal to facilitate online procurement of common use Goods and Services. It is transparent, efficient, has economy of scale and is speedy in procurement. Cooperative Societies will now be allowed to procure goods and services from GeM.

2. Allowing Cooperative Societies to register on GeM as Buyers would help Cooperatives in getting competitive prices through an. open and, transparent process,

3. The validated list of cooperatives to be onboarded on GeM – for pilot as well as subsequent scale up – will be decided by Ministry of Cooperation in consultation with GeM SPV. This will ensure that technical capacity and logistics requirement of the GeM system are taken into account while deciding the pace of on boarding of Cooperative as buyers on GeM.

4. GeM will provide a dedicated onboarding process for cooperatives, provide the technical infrastructure to support additional users on existing portal, as well as provide assistance to cooperatives for onboarding and transaction journeys, via available contact centers, in-field training and other support services.

5. Ministry of Cooperation would issue necessary advisories to encourage the Cooperative Societies to make use of the GeM platform for procurement of goods and services in order to benefit from increased transparency, efficiency and competitive prices.

6. To protect interests of the broader seller community on GeM and ensure timely payments, the modalities of payment systems shall be decided by GeM in consultation with the Ministry of Cooperation.

Implementation strategy and targets:

GeM will initiate suitable actions, which would inter alia include creation of necessary features and functionalities on GeM portal, upgradation of infrastructure, strengthening of the helpdesk and training ecosystem, and onboarding of cooperatives. The overall pace and mechanism of roll-out would be decided by Ministry of Cooperation. The milestones and target dates will be aligned mutually between Ministry of Cooperation and GeM (Ministry of Commerce and Industry).

Impact including employment generation potential:

The Ministry of Cooperation wanted the Cooperative Societies to be allowed to procure goods and services from GeM as it is already adequately developed as a one stop portal to facilitate online procurement of common use Goods and Services. It is transparent, efficient, has economy of scale and is speedy in procurement. In the above context, allowing Cooperative Societies to register on GeM as Buyers of Goods & Services required by them would help Cooperatives in getting competitive prices through an open and transparent process. Moreover, since the societies have more than 27 Crore members, procurement through GeM would not only economically benefit the common man, but it would also enhance the credibility of the cooperatives.

GeM has also developed a rich understanding of running an advanced procurement portal including the functional needs, managing the technical infrastructure, and dealing with multiple stakeholders involved. It is felt that the rich experience gained in creating the procurement ecosystem in the country can be significantly utilized to produce efficiencies and transparency in procurement processes for cooperatives also. This is also expected to enhance overall “Ease of Doing Business” for cooperatives, while providing a larger Buyer base to the GeM registered sellers also.

Expenditure involved:

While the GeM SPV will continue to leverage the existing platform and organization for supporting the proposed expanded mandate, it may need some investments in additional technology infrastructure, and additional training and support resources. To cover for these incremental costs, GeM may charge an appropriate transaction fee from cooperatives, to be decided in mutual consultation with the Ministry of Cooperation. Such charges shall not be more than the charges which GeM would charge to other Government buyers. This will be planned to ensure self-sustainability of operations for GeM, and hence no major financial implication is expected for government.

Background:

The GeM SPV has made significant strides since its inception. The Gross Merchandise Value (GMV) has grown with CAGR of over 84.5% from FY 2018-19 to FY 2021-22. The portal has delivered 178% growth in GMV in the FY 2021-22 and has crossed INR 1 lakh Crore in FY 2021-22 alone, which is higher than the cumulative GMV till FY 2020-21.

Each of the three pillars of GeM viz inclusion, transparency and efficiency have seen significant progress. The contribution by MSMEs to the cumulative transaction value is about 58%. Different independent studies, including those by the World Bank and National Economic Survey 2021, indicated substantial savings due to GeM’s ability to pool in more participation and provide cost effective options.

The cooperative movement in India has grown significantly, playing an important role in addressing the developmental needs of underprivileged classes in India, especially in agricultural, banking and housing sectors. There are currently 8.54 lakh registered cooperatives. These cooperatives collectively procure and sell in large quantities. Presently, the registration of cooperatives as “buyers” was not covered within the existing mandate of GeM.

Press Release dated 01st June 2022

Centre to develop framework to check fake reviews on E-Commerce websites

Posted on by Business So Simple in Business Consultancy, Consumer Protection, Entrepreneurship, Public Affairs

The Centre will develop a framework to keep check over fake reviews on E-Commerce websites. The Department of Consumer Affairs (DoCA) after studying the present mechanism being followed by the E-Commerce entities in India and best practices available globally, will develop these frameworks.

DoCA in association with the Advertising Standards Council of India (ASCI) along with various stakeholders like E-Commerce entities, Consumer Forums, Law Universities, Lawyers, FICCI, CII, Consumer Rights Activists and others in a meeting discussed the magnitude and roadmap ahead for fake reviews on websites.

Since e-commerce involves a virtual shopping experience without any opportunity to physically view or examine the product, consumers heavily rely on reviews posted on e-commerce platforms to see the opinion and experience of users who have already purchased the good or service.

“Traceability by ensuring the authenticity of the reviewer and the associated liability of the platform are the two key issues here. Also e-com players must disclose as to how they choose the “most relevant reviews” for display in a fair and transparent manner,” said Secretary DoCA, Shri Rohit Kumar Singh said.

All stakeholders agreed that the issue deserves to be monitored closely and appropriate framework governing the fake reviews may be developed to address the issue for protection of consumer interest.

Stakeholders from e-commerce companies claimed that they have frameworks in place by which they monitor fake reviews and would be pleased to take part in developing a legal framework on the issue.

Along with Secretary DoCA, Ms Nidhi Khare, Additional Secretary and Mr. Anupam Mishra, Joint Secretary attended the meeting. Ms. Manisha Kapoor, CEO, ASCI highlighted the categories of fake and misleading reviews and their impact on consumer interest. Paid reviews, unverifiable reviews and absence of disclosure in case of incentivised reviews which make it challenging for consumers to recognize genuine reviews were among the issues discussed.

Press Release 28 May 2022

Delhi Customs launches Project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram.Project aims at container tracking and monitor timely clearances to ensure Ease of Doing Business

Posted on by Business So Simple in Business Consultancy, Entrepreneurship

Chief Commissioner, Delhi Customs Zone, Shri Surjit Bhujabal inaugurated project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram, here today.

Project NIGAH is an initiative to track container by using ICTM (ICD Container Tracking Module) which will help in better visibility of the container movement inside the ICD. It will help Customs to expedite long standing containers and monitor timely clearances, thereby enhancing Ease of Doing Business along with ensuring lead preventive checks. ICTM has been developed in collaboration with the Custodian M/s. GRFL. A live demo of the project was given to all the participants.

On this occasion, the Chief Commissioner thanked the Custodian M/s. GRFL for this innovative development at local level to provide granular level visibility supporting ease of monitoring and to synergise the technological platforms introduced by the government with other stakeholders’ platforms, which will lead India to high standards of EXIM trade. He encouraged other Custodians to replicate the project at ICDs for the benefit of trade.

The function was attended by Commissioner of Customs, ICD Patparganj & Other ICDs Sh. Manish Saxena; Additional Commissioner of Customs Sh. Jayant Sahay; Deputy Commissioner of port Sh Sunil Shrivastava and Smt Jaya Kumari, Vice-President of M/s. GRFL Sh Rajguru with his team; Custodians of ICD Sonepat and ICD Patli and Sh. Puneet Jain, President of Delhi Customs Brokers Association along with other office-bearers. The function was virtually attended by Officers and Custodians of Other ICDs of the Patparganj Commissionerate.

MoF Press Release dated 26 May 2022