GeM enabled govt to save over US$ 5.43 billion (Rs. 45,000 crore) since 2016: Commerce Ministry
- IBEF
- August 10, 2023
Since its inception in 2016, the GeM platform has saved the government over US$ 5.43 billion (Rs. 45,000 crore) in procurement costs, according to the commerce ministry. The statement said, “A hallmark of GeM’s success lies in its dedication to cost savings, having enabled the government to save over US$ 5.43 billion (Rs. 45,000 crore) since 2016”.
The Government e-Marketplace (GeM) is India's online marketplace for public procurement. GeM allows transparent and effective procurement for government agencies, organisations, and PSUs.
It also claimed that the portal has outperformed well-known public procurement platforms such as South Korea's KONEPS and Singapore's GeBIZ.
Central purchasers, comprising CPSEs and affiliated organisations, have placed over 70 bids worth more than US$ 12.07 million (Rs. 100 crore) on the platform for the fiscal year 2022-23.
With approximately 6.5 million merchants and 70,000 government customers registered on the site as of July 2023, the total GMV (Gross Merchandise Value) topped US$ 54.33 billion (Rs. 4.5 lakh crore), demonstrating the platform's long-term effect.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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