Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. She further said that the listing brings in more financial discipline among the entities. The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020-21. (#BudgetOnZee)
Currently, the government owns the entire 100 per cent stake in Life Insurance Corporation of India (LIC).
FM proposes to increase turnover of GeM platform to Rs 3 lakh cr
Finance Minister Nirmala Sitharaman on Saturday said the government looks to increase the turnover of the commerce ministry’s public procurement portal GeM to Rs 3 lakh crore.
The ministry launched Government e-Marketplace (GeM), an online platform for public procurement, in August 2016 with the objective of creating an open and transparent procurement platform for government departments.
“GeM is moving ahead for creating a unified procurement system in the country for providing a single platform for procurement of goods, services and works. It also has a great opportunity for MSMEs. It is proposed to take its turnover to Rs three lakh crores,” she said while presenting the Budget for 2020-21.
She said that currently 3.24 lakh vendors are registered on this platform.
Public procurement worth Rs 50,000 crore is expected to take place through GeM during 2019-20, up from Rs 33,366 crore in the previous year.
The minister also proposed to provide about Rs 27,300 crore for development and promotion of industry and commerce for 2020-21.
At present, government departments, ministries, public sector units, state governments, and Central Armed Police Forces are allowed to carry out transactions through this portal.
According to GeM, 3,24,225 sellers and service providers have registered with the portal so far to sell 18,50,045 products and 20,470 services.
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The government has made it mandatory for all the departments and ministries to source goods and services from its e-marketplace.
The portal provides a wide range of products from office stationery to vehicles. Automobiles, computers and office furniture are currently the top product categories.
Services, including transportation, logistics, waste management, web casting and analytical, among others, are listed on the portal.