{"id":135200,"date":"2023-08-24T13:39:54","date_gmt":"2023-08-24T08:09:54","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=135200"},"modified":"2023-08-24T13:39:56","modified_gmt":"2023-08-24T08:09:56","slug":"gem-surpasses-1-lakh-crore-gmv-milestone-in-record-time","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/gem-surpasses-1-lakh-crore-gmv-milestone-in-record-time\/","title":{"rendered":"GeM Surpasses \u20b91 Lakh Crore GMV Milestone in Record Time"},"content":{"rendered":"\n<p><strong>Government e-Marketplace (GeM) has achieved a remarkable feat by surpassing a Gross Merchandise Value (GMV) of \u20b91 lakh crore in just 145 days of the current financial year, FY 2023-24.<\/strong> This rapid progress can be attributed to accelerated growth, enhanced efficiency, and a strong foundation of trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">More About the News<\/h2>\n\n\n\n<p>This achievement highlights GeM&#8217;s dedication to transforming government procurement processes. <\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide has-media-on-the-right is-stacked-on-mobile\" style=\"grid-template-columns:auto 48%\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1600\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2023\/08\/Government-e-Marketplace-GeM-has-achieved-a-remarkable-feat-by-surpassing-a-Gross-Merchandise-Value-GMV-of-\u20b91-lakh-crore-in-just-145-days-of-the-current-financial-year-FY-2023-24..jpg\" alt=\"Government e-Marketplace (GeM) has achieved a remarkable feat by surpassing a Gross Merchandise Value (GMV) of \u20b91 lakh crore in just 145 days of the current financial year, FY 2023-24.\" class=\"wp-image-135231 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<ul class=\"wp-block-list\" id=\"block-e320e5b3-28fe-4f1f-84e4-cc23faf8acdf\"><li><strong>It&#8217;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.<\/strong><\/li><li><strong>Moreover, the daily average GMV has surged from \u20b9412 crore in FY 22-23 to \u20b9690 crore in FY 23-24, illustrating a substantial increase in transaction volume.<\/strong><\/li><li>The preceding fiscal year concluded with an impressive GMV of \u20b92 lakh crore, providing a strong platform for this year&#8217;s remarkable achievement.<\/li><li>GeM&#8217;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.<\/li><\/ul>\n<\/div><\/div>\n\n\n\n<p>The portal&#8217;s expanded range of services has played a pivotal role in its widespread adoption during this period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Reasons Behind This Growth<\/h3>\n\n\n\n<p>This remarkable GMV achievement can be attributed to various key contributors.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><span style=\"font-size: inherit; background-color: initial;\">Central Public Sector Enterprises (CPSEs) have contributed 54%, while Central Ministries and State Governments have contributed 26% and 20% respectively. <\/span><\/strong><\/li><li>This diverse range of stakeholders highlights GeM&#8217;s effectiveness in serving various government entities at different levels.<\/li><li>GeM&#8217;s dedication to fostering inclusivity and accessibility is truly praiseworthy. <\/li><li>Its <strong>integration with e-Gram Swara<\/strong>j 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.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GeM&#8217;s Vision<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Looking forward, GeM&#8217;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. <\/li><li>The remarkable accomplishment of <strong>crossing the \u20b91 lakh crore GMV milestone<\/strong> within a remarkably short period not only showcases GeM&#8217;s rapid growth trajectory but also cements its role as a pivotal player in revolutionizing government procurement practices across the nation.<\/li><li>With an <strong>extensive array of more than 30 lakh listed products<\/strong> 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. <\/li><li>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.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Its Significance<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>GeM&#8217;s achievement of surpassing the \u20b91 lakh crore GMV milestone firmly establishes it as <strong>one of the largest public procurement portals on a global scale<\/strong>. <\/li><li>This accomplishment reflects not only the impressive transaction value but also the <strong>extensive network of buyers and sellers within its integrated digital ecosystem<\/strong>. <\/li><li><strong>Since its inception, GeM has facilitated transactions worth over \u20b94.91 lakh crore and has processed more than 1.67 crore orders on its platform.<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">About Government e-Marketplace (GeM)<\/h2>\n\n\n\n<p><strong>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. <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Launched in August 2016 under the &#8220;Digital India&#8221; campaign<\/strong>.<\/li><li>GeM is designed to introduce transparency, efficiency, and cost-effectiveness to the government&#8217;s procurement procedures. <\/li><li>The platform&#8217;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.<\/li><\/ul>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/how-to-prepare-current-affairs-for-rbi-grade-b\/\" aria-label=\"How to Prepare Monthly Current Affairs for RBI Grade B?\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/04\/RBI-Grade-B-3-1-1.webp\" class=\"attachment-thumbnail 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in<\/p>\n","protected":false},"author":54,"featured_media":135202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12574,10386],"tags":[77],"class_list":["post-135200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-august","category-current-affairs","tag-current-affairs","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GeM Surpasses \u20b91 Lakh Crore GMV Milestone in Record Time<\/title>\n<meta name=\"description\" content=\"Government e-Marketplace (GeM) has surpassed a milestone by surpassing Gross Merchandise Value of \u20b91 lakh crore in just 145 days in FY23-24.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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