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The Government e Marketplace (or e-Marketplace) ( GeM) is an online platform for public procurement in India. [ 1] The initiative was launched on 9 August 2016, by the Ministry of Commerce and Industry, Government of India with the objective to create an open and transparent procurement platform for government buyers. [ 2]
Contracting with the federal government or with state and local public bodies enables interested businesses to become suppliers in these markets. In fiscal year 2019, the US Federal Government spent $597bn on contracts. [2] The market for state, local, and education (SLED) contracts is thought to be worth $1.5 trillion.
Private electronic market. Software. v. t. e. A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. [ 1] Thus, there is one buyer and many potential sellers. In an ordinary auction also known as a forward auction, buyers compete to ...
Government procurement or public procurement is when a governing body purchases goods, works, and services from an organization for themselves or the taxpayers. [ 1][ 2][ 3] In 2019, public procurement accounted for approximately 12% of GDP in OECD countries. [ 4][ 5] In 2021 the World Bank Group estimated that public procurement made up about ...
The term Public eProcurement ("electronic procurement" in the public sector) refers, in Singapore, Ukraine, Europe and Canada, to the use of electronic means in conducting a public procurement procedure for the purchase of goods, works or services . eProcurement compared to normal procurement allows greater transparency, better competition and ...
E-commerce. E-procurement ( electronic procurement, sometimes also known as supplier exchange) is a collective term used to refer to a range of technologies which can be used to automate the internal and external processes associated with procurement, strategic sourcing and purchasing. [ 1]
The basis of European procurement regulation lies in the provisions of the European Union treaties which prohibit barriers to intra-Union trade, provide the freedom to provide services and the right to establishment (three of the "Four Freedoms"), prohibit discrimination on the basis of national origin and regulate public undertakings and public monopolies. [3]
Business administration. Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [ 1] The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done.