New Delhi, Aug 9 : In Financial Year (FY) 2023-24, Government eMarket place (GeM) has clocked a Gross Merchandise Value (GMV) of more than Rs 4 lakh crore.

'This represents a growth of almost 1,000 times as compared to the corresponding figure of Rs 422 crore for FY 2016-17, when the portal was launched,' Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha on Friday.

The cumulative GMV for goods and services on GeM since its inception crossed the Rs 9.82 lakh crore landmark as on July 30, the minister said.

GeM registered more than 62 lakh transactions during FY 2023-24.

This also represents a growth of almost 1,000 times as compared to FY 2016-17.

The cumulative transactions on GeM portal since inception crossed 2.26 crore as on July 30.

More than 1.63 lakh women-led MSEs have been registered on the GeM portal since inception.

Women-led MSEs have fulfilled orders worth Rs 35,138 crore.

More than 25,000 startups have also been registered on the GeM portal since inception.

Startups have fulfilled orders worth more than Rs 27,319 crore in GMV since inception as on July 30.

The minister also highlighted the objective of GeM Sahayak to create a pool of certified and accredited trainers called Sahayaks in various modules relating to sellers and buyers on the GeM portal and offer end-to-end services on the platform to handhold both, sellers and buyers in facilitating their journey on the portal.

By creating access to the market, GeM has been successful in breaking down the cartel of established service providers and paved the way for small domestic entrepreneurs to participate in government tenders from anywhere at any time, according to a ministry statement.

The contribution made by central entities including ministries and central public sector enterprises spurred the huge growth in GMV.

These government organisations have contributed to nearly 85 per cent of the milestone.

The ministries of coal, power, petroleum & natural gas and their subsidiaries have emerged as the highest procuring entities at the central level.

At the same time there has also been an increased engagement from states that has helped in this phenomenal growth in GMV.

The highest procuring states like Gujarat, Uttar Pradesh, and Delhi, have contributed to surpassing the public procurement target for this year.

/IANS