Indian Economy News

Commerce and Industry Minister Mr. Piyush Goyal awards top buyers and sellers on GEM platform at the 10th Anniversary celebrations of GEM

Commerce and Industry Minister Mr. Piyush Goyal has called for a more user-friendly and Artificial Intelligence-enabled Government e Marketplace (GeM) platform to make public procurement more efficient, cost-effective, transparent and competitive as the platform enters its second decade. Speaking at GeM’s 10th Foundation Day celebrations at Bharat Mandapam, New Delhi, Mr. Piyush Goyal outlined five priorities for the next phase, including strengthening last-mile access, expanding Artificial Intelligence applications, integrating States and public enterprises, improving access to credit and sustainable procurement, and increasing outreach to universities.

Launched on August 9, 2016, GeM has evolved into a unified digital public procurement platform connecting government buyers and enterprises across India. The platform now has more than 25 lakh sellers and over 1.37 lakh buyer organisations, facilitating cumulative procurement of more than Rs. 20 lakh crore (US$ 222.22 billion) through over 3.78 crore orders. Micro and Small Enterprises (MSEs) account for 12.28 lakh sellers and have fulfilled orders worth more than Rs. 9 lakh crore (US$ 100 billion), representing 45.6% of cumulative Gross Merchandise Value (GMV). More than 2.24 lakh women-led MSEs have fulfilled over 50 lakh orders valued at more than Rs. 1 lakh crore (US$ 11.11 billion), while 42,242 startups have secured orders worth more than Rs. 65,633 crore (US$ 7.29 billion).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.