GeM breaks Rs 15.6 lakh crore barrier; CEO Mihir Kumar hails MSME push

New Delhi [India] October 7 (ANI): Government e-Marketplace (GeM) has achieved a record milestone, surpassing Rs 15.6 lakh crore in cumulative Gross Merchandise Value, a testament to its rapid expansion and the increasing participation of MSMEs and public sector entities in India digital procurement ecosystem.

Speaking with ANI, GeM CEO Mihir Kumar on the sidelines of the 11th FICCI-CMSME Summit in New Delhi said, Yes, 15.6 lakh crore, more than that. So we are very happy that if I can say one statistic which is very heartening and very close to my heart, on the inclusivity side, against a target of 25 of the GMV which public sector and government departments should achieve, we are close to touching 45.

Kumar said that the platform is exceeding the expectations that were set by the environment. He highlighted that MSMEs remain central to GeM expansion strategy, with continued engagement aimed at strengthening their participation.

Obviously, we keep on discussing how we can improve the footprint of the micro, small and medium enterprises further on the government marketplace. So well continue engaging with the stakeholders and improve on that, he added.

Kumar also revealed that GeM is working on a purchase order (PO) financing model, which aims to help MSMEs access credit earlier in the procurement cycle.

One distinguishing feature which we are working on is the purchase order finance, which is very distinct from the invoice finance, he said, adding that We are moving from shipping as soon as you get the order. So that facility we will be creating, and we are very confident that we will be able to garner a lot of business for the PO finance.

Speaking about institutional support, Kumar said, Yes, RBI keeps on helping the MSME vertical. That continues, like priority sector lending and other kinds of initiative,s which RBI can do.

On the ease of doing business, he emphasised GeM efforts to improve the digital experience.

We are trying to create more functionality to increase the UI/UX experience through the GeM portal. Gradually, we will be creating ease of selling, ease of buying, and from a mere facilitator, we would definitely like to become what is called the procurement assistant, he explained.

Focusing on the platform long-term vision, Kumar said making MSMEs future-ready remains a key priority.

We got to know that there is a lot of room for improvement so far as the handholding of the micro, small and medium enterprises is concerned. Whatever we do, there is always a scope for further improvement because this is one very vibrant sector, he said.

As the Prime Minister says, Atma Nirbharta is an initiative where everybody has to participate, and the MSME vertical has a significant stake in doing so, he added. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.