Transaction value in govt e-market place up 4-fold

New Delhi: The total value of transactions on the Government e Marketplace (GeM) increased four times during the financial year 2018-19 to a Gross Merchandise Value (GEM) of Rs 23,000 crore, an official statement said on Monday.

More than 17 lakh transactions took place on the platform during the year, it said. "The year witnessed a four-fold increase in total value of transactions on the portal and doubling of number of sellers in the marketplace," a Commerce Ministry statement said.

The GeM is a dedicated e-market for different goods and services procured by government organisations, departments and public sector units.

The platform had over 8.8 lakh products available through a network of over 2 lakh sellers and service providers.

24 states and union territories have signed a formal agreement with GeM to adopt it as the core procurement portal in their respective territories.

Around 42 per cent of the total volume of transactions were done with micro, small and medium enterprises (MSMEs) registered on the platform and average savings of more than 25 per cent was achieved across transactions, the statement said.