Business News | GeM Facilitates over Rs 38,500 Crore in Transactions for 30,000+ Startups
The government e-marketplace (GeM) has significantly bolstered India’s innovation ecosystem by facilitating transactions worth over Rs 38,500 crore for more than 30,000 startups. This initiative underlines GeM’s pivotal role as a catalyst for change within the business environment, as highlighted by the Ministry of Commerce & Industry.
GeM, a Section 8 company, operates under the purview of the Department of Commerce, Ministry of Commerce and Industry. It is tasked with procuring goods and services for central ministries, state departments, public sector enterprises (PSEs), and autonomous bodies.
In India, GeM has redefined public procurement by creating an open and inclusive platform. This platform is not only beneficial to government buyers but also supports local entrepreneurs, startups, and small businesses. By aligning with societal development goals, GeM ensures startups can complete orders with transparency and efficiency.
Impressively, women entrepreneurs account for 8 percent of the total seller base on GeM. A cumulative total of 1,77,786 Udyam-verified women micro and small enterprises are registered on the GeM portal, achieving a collective order value exceeding Rs 46,615 crore.
During the recent Startup Maha Kumbh, GeM addressed over 2,500 startup inquiries, facilitated more than 1,000 startup registrations and cataloguing efforts, and organized over 1,500 interactive sessions. These engagements included one-on-one mentoring and group activities, focusing on onboarding and skilling through GeM’s Learning Management System (LMS).
As a strategic presenting partner, GeM collaborated with a diverse array of startups, investors, policymakers, and industry leaders during the event. Its involvement exemplified a continuous commitment to nurturing Indian startups by providing access to government markets, stimulating new opportunities, and aligning with the broader vision of an Atmanirbhar Bharat.
The event showcased sector-centric pavilions that highlighted India’s prowess in areas such as DeepTech, AgriTech, BioTech, MedTech, Artificial Intelligence, and Gaming. GeM’s participation underscored its mission to bridge the gap between innovators and government buyers, facilitating rapid scaling, market validation, and contributing significantly to India’s global innovation status.
In his address, Shri Ajay Bhadoo, CEO of the Government e-Marketplace (GeM), emphasized the theme of collaboration between the government and startups. He stated, “Let’s work together and unlock the true potential of public procurement in driving startup growth, inclusive development, and Atmanirbhar Bharat.”
His keynote speech highlighted the transformative potential of platforms like GeM, which play a crucial role in scaling innovative domestic solutions and supporting startups with policy-driven opportunities.
