New Delhi, May 20 -- India's public procurement portal, Government e-Marketplace (GeM), is preparing to allow foreign suppliers to bid on government tenders and is introducing rate contract tenders to streamline large-scale purchases.

The platform aims to facilitate transactions worth Rs 7 lakh crore in the financial year 2025.

Under current regulations, foreign firms can only participate in contracts exceeding Rs 200 crore. "We will decide the modalities for foreign supplier participation soon," said GeM CEO P.K. Mihir. This development aligns with recent trade agreements, including FTAs with the UAE and UK, which open government procurement to partner countries.

GeM is also working on expanding its scope to include rate contracts-lon...