Ease of doing business for MSMEs: The online platform for MSMEs to sell goods and services to the government directly Government e-Marketplace (GeM) has crossed 1 crore transactions since its launch in August 2016. The marketplace took to Twitter to share the milestone. “Seamless exchanges for smooth experiences! We are thrilled to announce that the total number of transactions (volume) procured by central ministries and central public sector units (CPSUs) surpassed an incredible 10 million on April 26th, 2023. This is a remarkable achievement for GeM,” the tweet read.
The marketplace was launched by the Ministry of Commerce and Industry to provide a paperless, contactless, and cashless digital platform for easing the process of purchases made by government bodies. It also enhances the opportunities for businesses by listing their products on GeM, from where the government can directly contact the seller, cutting down the geographical barriers.
Also read: Public procurement: Check out latest procedure for sellers to register on GeM portal here
As of May 9, the total number of transactions or orders processed on GeM stood at 1.50 crore by 68,620 buyer organizations from over 60 lakh sellers and service providers, of which 8.73 lakh sellers were micro and small enterprises (MSEs), according to the data available on the GeM portal.
Also read: GeM: MSMEs sold 88% more goods to govt in FY23 from previous fiscal; seller count crosses 60 lakh
The total order value or GMV (gross merchandise value) was Rs 4.10 lakh crores, of which the MSEs’ contributed 52 per cent so far. The portal had registered 88 per cent growth in FY23 with the GMV reaching an all-time high of Rs 2 lakh crore from Rs 1.06 lakh crore in FY22.
The top buyer of MSME goods from GeM was the defence ministry in FY23 which nearly doubled its online procurement from the previous fiscal. The ministry made purchases worth Rs 28,732.9 crore in FY23, up by 90.4 per cent from Rs 15,090.8 crore worth of goods and services bought in FY22, according to the data tweeted earlier by GeM.
Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises