NEW DELHI: The procurement of goods and services from the government portal GeM is expected to touch Rs 3.5 lakh crore by the end of this fiscal due to higher buying activities by various ministries and departments.

The government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments.

“As of today, the procurement has reached Rs 2.4 lakh crore and going by the trend, the procurement this fiscal will reach close to Rs 3.50 lakh crore, hopefully,” GeM CEO P K Singh told reporters here.

In 2021-22, the procurement value stood at Rs 1.06 lakh crore. It crossed Rs 2 lakh crore last year.

Singh said that the share of central public sector enterprises (CPSEs) in the total buying of goods and services is increasing at a healthy rate.

More than 245 CPSEs, including Coal India, SAIL, NTPC and SBI, are participating in the process.

The top five undertakings that are procuring maximum in value terms this fiscal (till Dec 10) include Coal India, National Thermal Power Corporation, Steel Authority of India, Bharat Dynamics and Bharat Heavy Electricals Ltd. “In just 6.5 months of 2023-24, procurement by CPSEs has surpassed Rs 1 lakh crore mark.”