Transactions on GeM portal cross Rs 50,000 crore in first quarter

Provision of penal interest on delayed payments to start from July

The Government e-Marketplace (GeM) portal has crossed Rs. 50,000 crore in gross merchandise value (GMV) in this financial year so far, 1.5 times more than the same time a year ago, a senior official said on Tuesday.

Considering the pace of growth so far, the portal in the current financial year is expected to surpass the previous year’s transactions of Rs. 2 trillion, said GeM Chief Executive Officer P K Singh said on the sidelines of the CII-MSME Growth Summit here. The procurement of goods and services on the portal was Rs. 1.06 trillion in 2021-22.