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Tuesday, May 28, 2024

GeM Achieves ₹3 Lakh Crore GMV Milestone, Breaks Records

The integrated digital platform has recorded a Gross Merchandise Value of Rs 3 lakh crore as of the end of current fiscal year, which is still pending. current is a huge increase over the total GMV recorded at the conclusion of the previous fiscal year, which was Rs 2 lakh crore. Government eMarketplace, a pioneer in public procurement, has achieved another significant milestone.

GeM, a pioneer in public procurement, has experienced a significant increase in daily average GMV transaction value from Rs 504 crore in FY 22-23 to Rs 914 crore as of February 12, 2024.

The platform, founded by Prime Minister Shri Narendra Modi, has revolutionized the public procurement landscape by providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/State Ministries, Departments, Public Sector Undertakings, Panchayats, and Cooperatives. As of February 12, 2024, GeM directly links over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers.

GeM has eliminated harmful practices like collusion, corruption, and bribery in government spending, thereby inculcating greater transparency in public finances. The platform currently showcases more than 12,200+ Products and services categories, covering all complex and dynamic requirements of government buyers across the country. The services segment on GeM has experienced an unprecedented surge, proving to be a pivotal force behind its success and exponential growth. Over the past three years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement.

In this financial year, concerted efforts were made to reach out to various government bodies and maximize their participation in public procurement processes through GeM. States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56% increase compared to the corresponding period in the previous fiscal year. This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, and Delhi in the platform’s capabilities to achieve cost-efficiency in their public procurement.

GeM’s inclusive approach is a key driver in its success, catering to marginalized seller segments such as artisans, weavers, craftsmen, MSEs, SHGs, FPOs, and startups. Policies aimed at fostering diversity and inclusivity have provided a level playing field for domestic businesses, with nearly 50% of the total order value transacted through the platform being awarded to MSEs.

By extending right capabilities, capacities, and functionalities, GeM has aided the government in substantially raising its welfare expenditure without compromising the nation’s fiscal health.

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