GeM Surpasses ₹1 Lakh Crore GMV Milestone in Record Time

Aditi

2 years ago

Government e-Marketplace (GeM) has achieved a remarkable feat by surpassing a Gross Merchandise Value (GMV) of ₹1 lakh crore in just 145 days of the current financial year, FY 2023-24. This rapid progress can be attributed to accelerated growth, enhanced efficiency, and a strong foundation of trust.

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This achievement highlights GeM’s dedication to transforming government procurement processes.

It’s worth noting that this accomplishment is even more impressive compared to the previous year when the same GMV milestone was reached in 243 days.
Moreover, the daily average GMV has surged from ₹412 crore in FY 22-23 to ₹690 crore in FY 23-24, illustrating a substantial increase in transaction volume.
The preceding fiscal year concluded with an impressive GMV of ₹2 lakh crore, providing a strong platform for this year’s remarkable achievement.
GeM’s strategic focus in FY 2023-24 revolves around broadening its reach by seamlessly integrating government buyers at all levels into its robust e-procurement ecosystem.

The portal’s expanded range of services has played a pivotal role in its widespread adoption during this period.

Reasons Behind This Growth

This remarkable GMV achievement can be attributed to various key contributors.

Central Public Sector Enterprises (CPSEs) have contributed 54%, while Central Ministries and State Governments have contributed 26% and 20% respectively.
This diverse range of stakeholders highlights GeM’s effectiveness in serving various government entities at different levels.
GeM’s dedication to fostering inclusivity and accessibility is truly praiseworthy.
Its integration with e-Gram Swaraj to facilitate Panchayat-level procurement demonstrates its commitment to engaging with sellers at the grassroots level and optimizing procurement costs at the local administration level.

GeM’s Vision

Looking forward, GeM’s vision extends to expanding its federal reach, implementing tailored processes, and formulating policies that will not only enhance public savings but also uphold the highest standards for products and services.
The remarkable accomplishment of crossing the ₹1 lakh crore GMV milestone within a remarkably short period not only showcases GeM’s rapid growth trajectory but also cements its role as a pivotal player in revolutionizing government procurement practices across the nation.
With an extensive array of more than 30 lakh listed products and a diverse portfolio comprising over 300 service categories, GeM is well-prepared to cater to the diverse product and service requirements of government departments throughout the country.
As a result, the platform has experienced a substantial increase in orders from various State Governments and associated entities, firmly establishing GeM as the preferred solution for government procurement needs.

Its Significance

GeM’s achievement of surpassing the ₹1 lakh crore GMV milestone firmly establishes it as one of the largest public procurement portals on a global scale.
This accomplishment reflects not only the impressive transaction value but also the extensive network of buyers and sellers within its integrated digital ecosystem.
Since its inception, GeM has facilitated transactions worth over ₹4.91 lakh crore and has processed more than 1.67 crore orders on its platform.

About Government e-Marketplace (GeM)

Government e-Marketplace (GeM) is a digital platform established to streamline and enhance the procurement process for goods and services by various government entities, departments, and public sector enterprises.

Launched in August 2016 under the “Digital India” campaign.
GeM is designed to introduce transparency, efficiency, and cost-effectiveness to the government’s procurement procedures.
The platform’s objective is to simplify the traditionally cumbersome procurement process, minimize paperwork, and encourage the adoption of digital technology for all government-related procurement activities.

Aditi

Hello, I’m Aditi, the creative mind behind the words at Oliveboard. As a content writer specializing in state-level exams, my mission is to unravel the complexities of exam information, ensuring aspiring candidates find clarity and confidence. Having walked the path of an aspirant myself, I bring a unique perspective to my work, crafting accessible content on Exam Notifications, Admit Cards, and Results.

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