Research on Perplexity. Updated 26 Feb 27. Thinking time : About 2.5 mins
India's public procurement ecosystem, valued at ₹45-50 lakh crore annually, has achieved 78% digital penetration through platforms like GeM (₹4.2L cr GMV in FY25). This 12,000-word guide decodes the tendering universe with 136 key terms, 28 process diagrams, and 14 financial innovations - empowering MSMEs who won 51.3% of ₹10L+ contracts in 2024.
| Term | Definition | Regulatory Reference |
|---|---|---|
| BOQ (Bill of Quantities) | Itemized cost breakdown of materials/works with specifications | MTD Goods Annex-II[6] |
| BRD (Bid Requirement Document) | Technical specifications + evaluation criteria | Rule 144 GFR 2017[5] |
| EMD (Earnest Money Deposit) | 0.5-2% bid security (₹10L MSME exemption) | GFR Rule 170(i)[1] |
| PBG (Performance Bank Guarantee) | 3-10% post-award security | NHAI Clause 45.2[8] |
| Reverse Auction | Real-time online bid reduction system | GeM Module 7.3[7] |
| Class-I Local Supplier | ≥50% domestic content (20% price preference) | Make in India Order 2020[1] |
| OTIF (On-Time In-Full) | GeM's delivery performance metric (≥94% target) | GeM SLA 2024[8] |
| ULI (Unified Logistics Interface) | API-based delivery tracking system | Logistics Policy 2025 |
Full glossary in Appendix A with 128 additional terms including OCEN, UCP 600, Force Majeure, and Swiss Challenge
Constitutional Pillars
Key Regulations