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GeM doubles business; crosses ₹4 Lakh Cr this fiscal

By IndianMandarins- 30 Mar 2024
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New Delhi (30.03.2024): Government e Marketplace has closed this financial year with ₹4 lakh crore in Gross Merchandise Value (GMV) - doubling its GMV clocked at the end of previous Fiscal Year. This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement. The portal started its trailblazing journey to ₹ 4 lakh crore-landmark with ₹ 422 crore in GMV in 2016. 
The procurement of Services through the GeM portal has proved to be a pivotal force behind this staggering GMV. Nearly 50 per cent of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205 per cent in terms of Services procured on GeM last FY. By creating access to market, GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving way for small domestic entrepreneurs to participate in government tenders from anywhere at any time. The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.
Increased engagement from States has also mobilized this phenomenal growth in GMV. In this FY, highest procuring State like Gujarat, Uttar Pradesh, and Delhi, have helped States well surpass the earmarked public procurement target of this year. The contribution made by central entities including Ministries and CPSEs has also greatly spurred the GMV. These Government organization have contributed to nearly 85 per cent of this ₹4 lakh crore milestone. Notably, Ministry of Coal, Ministry of Power and Ministry of Petroleum & Natural Gas and their subsidiaries have emerged as the highest procuring entities at the central level.
GeM’s vast network of 1.5 lakh+ Government buyers and 21 lakh sellers and service providers have been made this incredible feat possible. Through comprehensive onboarding of last-mile buyers and sellers GeM has fostered engagement at the grassroots level. By integrating 89421 Panchayats and 760+ Cooperatives withing its procurement Ecosystem, GeM has facilitated sustainable procurement while ensuring optimization in public spending at the very last level of administration.
Offering more than 12070+ product categories and 320+ service categories, GeM has become a one-stop shop for seamless public procurement, thereby opening up opportunities for sellers and service providers across the nation to showcase their Products and Services and to participate in government tenders in most transparent manner, promising them ease of doing business.

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