New Delhi, Feb 20 (KNN) Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu launched Swayatt, an initiative to promote MSMEs, women and young entrepreneurs through e-transactions on the Government e-Marketplace (GeM).

The aim is to bring together the key stakeholders within the Indian entrepreneurial ecosystem to GeM, the national procurement portal.

On this occasion, Commerce Minister also dedicated GeM Start-up Runway-an initiative of GeM in association with Start -up India to facilitate Start-ups registered with Start -up India to access the public procurement market and sell innovative products and services to government buyers.

He also felicitated a few successful entrepreneurs from Women Self Help Groups, Start-ups and MSMEs in GeM.

Besides, he appreciated the achievements of GeM reaching out and empowering these diverse groups and reiterated the need to support and strengthen such initiatives and enterprises which constitute the backbone of the Indian economy.

He also appreciated the event for impressively showcasing many such successful efforts of SHGs, Start-ups, Women enterprises, MSMEs partnering GeM.

Minister of State for Commerce and Industry, C.R. Chaudhary, released a movie on GeM SWAYATT and expressed hope that the national launch of SWAYATT would further seek to promote inclusiveness by catapulting various categories of sellers and service providers, take proactive steps to facilitate the training and registrations of such specific category of manufacturers and sellers, develop women entrepreneurship and encourage participation of MSME sector and Start-ups in public procurement.

Chief Executive Officer of GeM, Radha Chauhan, introduced the concept of SWAYATT and Start-up Runway.

On the occasion, Women Self Help Groups, Start-ups, and Government Organization had exhibited 24 stalls at the venue.

According to the statement, GeM Startup Runway seeks to align certified startups and MSMEs with government procurement orders and contracts, and enable small businesses in scaling operations from ideation to growth stage in minimal time. It also seeks to spur hyperlocal job creation and wealth generation, and achieve socially-inclusive economic growth.

The initiative will also enable MSMEs to conduct market trials with government buyers, seek time-bound feedback, and gain realistic product-price comparisons and market valuation from potential buyers and investors.

GeM currently has 801,956 products and 5,197 services, with 199,654 registered sellers, service providers and 33,536 government buyers.  Since its launch in 2016, GeM has processed 1,386,030 orders worth Rs 19,214 crore in gross merchandise value. (From PIB Inputs-KNN/YV)