Gem Portal Crosses Rs 9.82 Lakh Crore Turnover in Goods and Services

(MENAFN- IANS) New Delhi, August 9 (IANS) In the fiscal year 2023-24, the Government e-Marketplace (GeM) achieved a gross merchandise value (GMV) of over Rs 4 lakh crore.

“This is almost a 1,000-fold increase from Rs 422 crore in the fiscal year 2016-17, when the portal was launched,” Minister of State for Commerce and Industry Jitin Prasada told the Rajya Sabha on Friday.

The minister informed that the total GMV of goods and services on the GeM platform since its inception has crossed Rs 9.82 lakh crore as on July 30.

GeM recorded over 62 lakh transactions in fiscal year 2023-24.

This represents an increase of almost 1,000-fold compared to fiscal year 2016-17.

The total value of transactions on GeM since its inception has crossed Rs 2.26 crore as on July 30.

Since the inception of the GeM portal, over 1.63 lakh women-led SMEs have been registered.

Women-led SMEs delivered orders worth Rs 35,138 crore.

Since the inception of the GeM portal, over 25,000 startups have been registered there.

Since the inception of their operations on July 30, the startups have fulfilled orders worth over Rs 27.319 billion (in GMV terms).

The Minister also highlighted the objective of GeM Sahayak to create a pool of certified and accredited trainers, called Sahayaks, on various modules related to sellers and buyers on the GeM portal and also offer end-to-end services on the platform to support both sellers and buyers in making it easier for them to navigate the portal.

According to a statement by the ministry, GeM has succeeded in breaking up the cartel of established service providers, creating market access and enabling small domestic entrepreneurs to participate in government tenders from anywhere, anytime.

Contributions from central entities, including ministries and public sector undertakings, contributed to the huge increase in GMV.

These government organizations contributed almost 85 percent to achieving this milestone.

The ministries of coal, energy, petroleum and natural gas and their subsidiaries have become the most important contracting entities at the central level.

At the same time, there has been increased engagement from countries, which has contributed to this phenomenal GMV growth.

Top purchasing states like Gujarat, Uttar Pradesh and Delhi helped exceed the procurement target for the year.

MENAFN09082024000231011071ID1108537583

Legal disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We are not responsible for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.