Government e-marketplace surpasses US$ 12.11 billion (Rs. 1 lakh crore) Gross Merchandise Value milestone in record time
- Press Information Bureau
- August 24, 2023
Procurement of products and services via the Government e-Marketplace (GeM) has surpassed US$ 12.11 billion (Rs. 1 lakh crore) this fiscal year due to an increase in purchasing activity by various ministries and departments.
On August 9, 2016, the Government e-Market (GeM) platform was established for online purchases of goods and services by all central government ministries and departments".
GeM achieves the milestone in 145 days in 2023-24, as opposed to 243 days in 2022-23," according to the commerce ministry. Among the notable contributors to this outstanding Gross Merchandise Value (GMV) success, Central Public Sector Enterprises (CPSEs), Central Ministries, and State Governments contributed 54%, 26%, and 20%, respectively.
GeM has done a commendable job in promoting accessibility and inclusivity. The platform's connection with e-Gram Swaraj to expedite Panchayat-level buying demonstrates the platform's dedication to reaching last-mile sellers and lowering costs at the grassroots level of administration.
The previous fiscal year ended with a GMV of US$ 24.22 billion (Rs. 2 lakh crore), laying a solid basis for this year's success. In FY24, GeM's strategic focus will be on expanding its reach by integrating government buyers at all levels into its sophisticated e-procurement infrastructure. During this time, the portal's broad range of service offerings has contributed considerably to its widespread adoption.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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