More than 40 percent transactions by volume were done with Micro, Small and Medium Enterprises (MSMEs) registered on Government e Marketplace (GeM) in FY 2018-19.

According to a recent official release by the Ministry of Commerce, 42% of transactions by volume are done with MSMEs registered on GeM in the financial year 2018-19.

Overall, GeM witnessed a four-fold increase in total value of transactions on the portal.

This indicate MSMEs registered on the national public procurement portal also witnessed higher transactions in the previous fiscal.

More than 17 lakh transactions took place on the platform during the year, it said.

"The year witnessed a four-fold increase in total value of transactions on the portal and doubling of number of sellers in the marketplace," a Commerce Ministry statement said.

The GeM is a dedicated e-market for different goods and services procured by government organisations, departments and public sector units.

The platform had over 8.8 lakh products available through a network of over 2 lakh sellers and service providers. 24 states and union territories have signed a formal aggreement with GeM to adopt it as the core procurement portal in their respective territories.

Around 42 per cent of the total volume of transactions were done with micro, small and medium enterprises (MSMEs) registered on the platform and average savings of more than 25 per cent was achieved across transactions, the statement said.

The average rejection rate of supplies remained below one per cent during fiscal 2018-19, it added.