A senior government official announced that micro and small enterprises are experiencing significant business growth through the Government e-Market (GeM) portal, with expectations to generate sales exceeding $20 billion by the end of this fiscal year. GeM, the public procurement portal launched on August 9, 2016, facilitates online purchases of goods and services for all central government ministries and departments.

GeM CEO P K Singh emphasised the platform's various support measures designed to enhance the participation of these enterprises in government procurement. He revealed that half of the total goods and services procured since 2016 have come from micro and small enterprises. Procurement from these businesses amounted to $5 million in 2016-17, skyrocketing to $5 billion in 2020-21 and surpassing $20 billion in the current fiscal year.

Singh highlighted GeM's role in providing essential business intelligence, data analytics services, and timely information to firms. Currently, GeM boasts more than 63,000 government buyer organisations and over 62 lakh sellers and service providers, offering a diverse array of products and services.

In this fiscal year alone, the platform has facilitated total procurement of goods and services exceeding Rs 2 trillion. GeM allows transactions for government departments, ministries, public sector units, state governments, and central armed police forces. The portal offers a wide range of products, including office stationery, vehicles, automobiles, computers, and office furniture. Additionally, various services such as transportation, logistics, waste management, webcasting, and analytics are listed on the platform, making GeM a comprehensive solution for government procurement needs. It is worth noting that South Korea's KONEPS stands as the world's largest platform of its kind.

Source: Business Standard