Govt’s e-market place set to hit US$ 42.1 billion (Rs. 3.5 trillion) in GMV
- IBEF
- January 22, 2024
The Government e-Marketplace (GeM) is poised for a significant 75% increase in gross merchandise value (GMV) to reach US$ 42.1 billion (Rs. 3.5 trillion) in the current fiscal year, reflecting heightened procurement activities by government departments through the portal. This anticipated GMV surge represents a substantial US$ 18 billion (Rs. 1.5 trillion) upswing from the previous fiscal year's US$ 24.1 billion (Rs. 2 trillion).
GeM offers a diverse range of 11,880 products and 320 services to its extensive government clientele of over 70,000 entities. According to an anonymous source, the platform has witnessed remarkable growth in procurement, achieving US$ 30.1 billion (Rs. 2.5 trillion) and four million orders by the end of December in FY24. The procurement of services on GeM has notably risen from US$ 1 billion (Rs. 8,500 crore) in FY21 to US$ 7.9 billion (Rs. 66,000 crore) in FY23, surpassing US$ 14.1 billion (Rs. 1.17 trillion) in the first nine months of the current fiscal year. GeM, accessible to public sector undertakings, government departments, cooperatives, and civic bodies, has over 887,000 registered micro and small enterprises (MSEs) collectively receiving orders exceeding US$ 37.3 billion (Rs. 3.10 trillion). This accounts for over 48.15% of GeM's cumulative GMV, as highlighted by Mr. Abhishek Dayal, the spokesperson for the commerce ministry. GeM has also promoted Make in India products by assisting over 22,290 startups in establishing their presence in the Indian marketplace.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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