GeM Portal Achieves Rs 9.82 Lakh Crore Milestone, Announces Jitin Prasada
The Government e-Marketplace (GeM) portal has reached a Gross Merchandise Value (GMV) of Rs 9.82 lakh crore as of July 30, showing a 1000-fold growth since its start. Union Minister Jitin Prasada shared this in a Rajya Sabha reply.
Financial Year 2023-24 Achievements
In FY 2023-24, GeM’s GMV exceeded Rs 4 lakh crore with over 62 lakh transactions. This marks a significant increase from the GMV of Rs 422 crore in FY 2016-17.
Overall Growth
The total number of transactions on the GeM portal since its inception has exceeded 2.26 crore. The portal has registered over 1.63 lakh women-led Micro, Small, and Medium Enterprises (MSEs), which have collectively fulfilled orders worth Rs 35,138 crore. Additionally, more than 25,000 startups have been registered on the portal, contributing a GMV of over Rs 27,319 crore.
GeM SAHAYAK Initiative
The GeM SAHAYAK initiative aims to establish a network of certified trainers, known as SAHAYAKs, who will provide comprehensive support to sellers and buyers on the GeM portal. This initiative is designed to guide users through their journey on the platform with end-to-end services.
Doubts Revealed
GeM Portal -: GeM stands for Government e-Marketplace. It is an online platform where government departments can buy goods and services.
Rs 9.82 Lakh Crore -: Rs 9.82 Lakh Crore is a very large amount of money. One lakh crore is equal to 1 trillion rupees.
Jitin Prasada -: Jitin Prasada is a politician in India. He is a Union Minister, which means he is part of the central government.
Rajya Sabha -: Rajya Sabha is one of the two houses of the Parliament of India. It is also known as the Council of States.
FY 2023-24 -: FY stands for Financial Year. It is a period used for accounting and budgeting, and in India, it starts on April 1 and ends on March 31 of the next year.
GMV -: GMV stands for Gross Merchandise Value. It is the total value of goods and services sold through a marketplace.
MSEs -: MSEs stands for Micro and Small Enterprises. These are small businesses that have a limited number of employees and revenue.
GeM SAHAYAK -: GeM SAHAYAK is an initiative to help users of the GeM portal. It provides support through certified trainers who can guide them.