The procurement of goods and services through government's portal GeM has crossed ₹4 lakh crore so far this fiscal due to higher buying activities by various ministries and departments, a senior government official said on Friday.

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

"As of March 28, the procurement has crossed ₹4 lakh crore. It is historic," GeM CEO P K Singh told reporters here.

In 2021-22 the procurement value stood at ₹1.06 lakh crore and it crossed ₹2 lakh crore last financial year.

He said that procurement of services from the portal has jumped from ₹66,000 crore in 2022-23 to ₹2.05 lakh crore so far this fiscal.

Similarly, goods worth ₹1.95 lakh crore have been bought from the platform till March 28 this fiscal.

GeM has over 63,000 government buyer organisations and over 62 lakh sellers and service providers offering a wide range of products and services.

Currently, government departments, ministries, public sector units, state governments, and central armed police forces are allowed to carry out transactions through this portal.

The portal provides a wide range of products from office stationery to vehicles. Automobiles, computers and office furniture are some of the major product categories.

Services, including transportation, logistics, waste management, webcasting and analytical, are listed on the portal.

South Korea's KONEPS is the largest such platform in the world. GeM stands at the third position after Singapore's GeBIZ.

States/Union Territories such as Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, and Uttarakhand have placed significant procurement orders in the current fiscal.