The Government e-Marketplace (GeM) achieved gross merchandise value (GMV) of Rs 1.5 lakh crore this fiscal, so far, and the commerce ministry said the GeM is suitably-placed to exceed its annual target of Rs 1,75 lakh crore.

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The GeM surpassed Rs 3 lakh crore GMV since its inception and the total transactions on it crossed 1.3 crore.

Government e-Marketplace (GeM) is a paperless, cashless and system-driven platform for public procurement in India with minimal human interface. The initiative was launched on August 2016, by the Ministry of Commerce and Industry.

The commerce ministry said the GeM has launched a focused campaign to boost procurement via states. It successfully integrated more than 1.5 lakh India Post offices, 5.2 lakh village-level entrepreneurs for last-mile outreach and service delivery, the ministry added.

The ministry added that the GeM has over 66,000 government buyers and more than 58 lakh sellers and service providers.

The minimum savings on the GeM are around 10 percent, and it translates into savings of over Rs 30,000 crore of public money.

Last month, the GeM CEO Prashant Kumar Singh told CNBC-TV18 that the portal is on track for faster growth. “We had targeted for Rs 1.5 lakh crore in this fiscal, but we may go way beyond that limit. In terms of number of transactions that are done, GeM is the largest government procurement in the world with 1.3 crore transactions completed short while back. GeM will easily be number one in value terms soon given its growth,” Singh had said.

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(Edited by : Pradeep John)