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| PM Modi Moves To 'Amazonize' $400 B |
| PM Modi Moves To 'Amazonize' $400 Billion Of Government Purchases
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| INDIA
, 1-December-2016
11:43:13 AM |
| India's Prime Minister Narendra Modi plans to move all government purchases, from paper clips to power plant turbines, to an Amazon-like online marketplace that could eventually be worth a fifth of the country's $2 trillion economy.
Modi's government, which on Nov. 8 announced a sudden decision to replace 86 percent of India's cash in a bid to cut corruption and move to a cashless economy, has much riding on the new online market, which has already traded 390 million rupees ($5.7 million) since it began in August.
"This provides India an opportunity for transformation," said Rita Teaotia, the top bureaucrat in India's commerce ministry. "The transparency and competitiveness it has brought is very encouraging and so far we've seen that the government's savings are at least 10 percent on every transaction."
The portal is expected to support trades worth 20 percent of India's GDP once all state governments, state-owned companies, utilities, defense and railways come online, said Vishal Singh, additional director at the National e-governance division, which set up the platform.
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