Government E-Marketplace commonly known as GeM is an online platform for public procurement in India. Speaking to CNBC-TV18, Talleen Kumar, CEO of the company, said the current cumulative transaction value stands at Rs 1.16 lakh crore versus Rs 51,495 crore last year.
“In the last 20 months, we have registered a compound annual growth rate (CAGR) of 113 percent and year-on-year (YoY) growth of 126 percent. We are now at Rs 1.16 lakh crore plus of cumulative transaction value compared to Rs 51,495 crore a year ago,” he said.
“In the coming year, 2021-2022, we are targeting a cumulative annual transaction value of Rs 1 lakh crore. The figure now is Rs 38,000 crore. So, it will be a 3x increase,” he added.
According to Kumar, the key element to their success was the implementation of a unified procurement system.
“The key element of the success is the implementation of unified procurement system by GeM. This system was announced by the honorable Finance Minister in her Budget speech for the year 2021. What it means is that the functionalities of other portals like central public procurement portal, Indian Railway Electronic procurement system will be brought on to GeM so that users have a single user experience whether he is a buyer or a seller and he does not have to leave GeM for procuring any good or service,” he said.
Watch video for more.(Edited by : Priyanka Deshpande)
First Published: Apr 1, 2021 1:12 PM IST