The Indian Steel Association (ISA) announced a strategic collaboration with the Government e-Marketplace (GeM) to assist Micro, Small, and Medium Enterprises (MSMEs) in distributing their products and conducting procurement through the online marketplace.

In an official statement, ISA proudly declared the signing of a Memorandum of Understanding (MoU) with GeM, with the objective of seamlessly integrating all ISA members into the GeM platform, functioning both as sellers and buyers. The primary goal of this partnership is to provide robust support to MSMEs, enabling them to showcase their products and streamline their procurement processes through the online platform, as emphasised by Alok Sahay, the Secretary General of ISA.

The agreement, formalised on October 4, is designed to foster knowledge sharing and direct communication channels between ISA members and GeM. ISA, representing approximately 65% of the nation's crude steel producers, stands as a significant contributor to this collaboration. GeM, in its forthcoming initiatives, plans to establish an efficient government interface for financing. This forthcoming endeavour, slated for implementation in the coming months, will involve the participation of various banks, according to GeM authorities. This development is poised to be a substantial boon for MSME buyers in the steel industry, enhancing their accessibility and facilitating smoother transactions.

Source: Money Control