Business

GeM records four-fold increase in transactions with GMV of Rs 23,000 crore

ANI | April 15, 2019 01:51 PM
The GeM was launched on August 9, 2016

New Delhi [India]: The Government e-Marketplace (GeM) registered more than Rs 23,000 crore in gross merchandise value (GMV) with 17 lakh transactions between April 2018 and March 2019, according to an official statement released on Monday.

"The fiscal year 2018-19 witnessed four-fold increase in total value of transactions on the portal and doubling of number of sellers in the marketplace," said the Ministry of Commerce and Industry.

There has also been an overall growth in other dimensions like number of categories, products and buyers. "At the same time, average rejection rate of supplies remained below one per cent, which is proof of high quality of products and services offered on the portal," it said.

More than 8.8 lakh products are available on its platform through a network of two lakh sellers and service providers. These products and services are being bought by over 34,000 government organisations (central, state governments and public sector units) registered on the platform.

About 42 per cent of transactions by volume are done with micro, small and medium enterprises registered on the platform, said the statement adding the average savings of 25 per cent are achieved across transactions.

Buyers from across 36 states and union territories made purchases on the platform in financial year ending March 31. A total of 24 states and UTs have signed a formal MoU with GeM to adopt it as the core procurement portal in their territories.

The GeM was launched on August 9, 2016. It leverages digital technology to make public procurements transparent and efficient in a standardised format that is contactless, paperless and cashless. (ANI)

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