The Government e-Marketplace (GeM) has concluded the financial year 2023-24 with an astounding Gross Merchandise Value (GMV) of Rs 4 lakh crore, doubling the corresponding figure from the previous fiscal year (2022-23), as announced by the Commerce and Industry Ministry on Friday.
This achievement underscores the portal's distinctive digital capabilities, fostering enhanced efficiency, transparency, and seamlessness in public procurement, the ministry highlighted.
Significantly, nearly half of this GMV is attributed to the procurement of services, marking an impressive surge of 205 percent in this segment compared to the previous year.
GeM has notably disrupted the dominance of established service providers by providing market access, thereby enabling small domestic entrepreneurs to engage in government tenders from anywhere and at any time, the ministry emphasized.
The substantial growth in GMV has been largely fueled by contributions from central entities, including ministries and Central public sector enterprises, which account for nearly 85 percent of the total Rs 4 lakh crore milestone.
Key procuring entities at the central level include the Ministry of Coal, Ministry of Power, and Ministry of Petroleum & Natural Gas, along with their subsidiaries.
Simultaneously, increased participation from states has also played a pivotal role in the remarkable growth of GMV, with leading procuring states such as Gujarat, Uttar Pradesh, and Delhi surpassing the public procurement targets for the year.
GeM's extensive network comprising over 1.5 lakh government buyers and 21 lakh sellers and service providers has been instrumental in achieving this remarkable feat. Integration of 89421 Panchayats and 760+ Cooperatives within its procurement ecosystem has facilitated sustainable procurement while optimizing public spending at the grassroots level, according to the official statement.
GeM's inclusive initiatives such as 'Vocal for Local', 'One District, One Product', 'Startup Runway', and 'Womaniya' have leveled the playing field for domestic businesses. Nearly 50 percent of the Rs 4 lakh crore GMV orders have been awarded to marginalized seller segments, including artisans, weavers, craftsmen, MSEs, especially women-led, SC/STs, SHGs, FPOs, and Startups.
GeM's collaboration with over 5.2 lakh CSCs and 1.5 lakh India Post offices has significantly expanded outreach and capacity-building at the grassroots level, remarked GeM CEO PK Singh.
He noted that GeM has evolved into a comprehensive platform for seamless public procurement, offering over 12,070 product categories and 320+ service categories.
Earlier in the year, GeM partnered with leading tech giant Tata Consultancy Services, enhancing its technological infrastructure with new-age technologies to further improve user experience, transparency, and inclusivity, Singh added.
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