GeM saw 4x increase in transactions value in 2018-19

Earlier this month, we reported that GeM had recorded a total transaction value of more than Rs 23,000 crore in FY2018-19, a four-fold increase from the previous year, according to the Ministry of Commerce and Industry. It also ended the fiscal with more than 2 lakh sellers and service providers – double the previous year – and saw 50% more traffic on its website. The GeM was launched by the Ministry of Electronics and Information Technology in 2016. Any government department or PSU can use it for direct online purchases for up to Rs 50,000. Purchases above Rs 50,000 must be made from the supplier with the lowest price who meets all quality, specification and delivery requirements. Here’s what else the Ministry of Commerce and

 

 

Industry said in its April note about the GeM’s performance in 2018-19: • There were more than 17 lakh transactions on the platform, which offered over 8.8 lakh products. • More than 34,000 government organisations (central and state governments, and PSUs) were registered on the platform. • 42% of transactions by volume were conducted with MSMEs. • Buyers spanned 36 states and union territories (UTs); 24 states and UTs signed an MoU to adopt GeM as their core procurement portal. • GeM was integrated with Aadhaar, UdyogAadhaar, Ministry of Corporate Affairs21 (MCA21), Public Financial Management System (PFMS), PAN, GSTN, Controller General of Defence Accounts (CGDA), Railways, and Securities and Exchange Board of India (SEBI)-empanelled rating agencies for a robust registration process. • It signed MoUs with 12 banks for payment integration to facilitate a cashless, contactless and paperless payment system. • It signed an MoU with the MSME Ministry, Common Service Centers (CSC) and industrial associations including CII, FICCI, and ASSOCHAM to facilitate training, capacity building and onboarding of manufactures and vendors. • It was integrated with the Quality Council of India (QCI) to ensure the quality of the products and services on offer.