More than 40% of transactions by volume are done with MSMEs registered on the Government e-mrketplace GeM, the government said on the occasion of completion of two years of the platform on Thursday.

More than 40% of transactions by volume are done with MSMEs registered on the platform, said an official release.

GeM was launched on August 9, 2016, with the objective of creating an open, transparent and efficient procurement platform for government.

Over its short journey, GeM has achieved many significant milestones, including achieving gross over Rs. 10,000 Crores in Gross Merchandise Value (GMV) through more than 6.16 Lacs transactions on the platform.

It has made over 4.2 lakh products available on its platform through a network of over 1.3 lakh sellers and service providers.

Buyers from across 36 States & Union Territories (UTs) are buying on the platform. 24 States & UTs have signed a formal MoU with GeM to adopt GeM as the core procurement portal in their respective territories.

Average savings of 25% achieved across transactions on the platform, said the release.