Procurement from GeM portal to cross US$ 48.2 billion (Rs. 4 lakh crore) this fiscal: Official
- IBEF
- February 13, 2024
The Government e-Market (GeM) portal is poised to exceed US$ 48.2 billion (Rs. 4 lakh crore) in procurement by the fiscal year-end, propelled by heightened purchasing activities from government ministries. Launched in 2016, the portal has already surpassed US$ 36.1 billion (Rs. 3 lakh crore) in current procurement and is expected to reach US$ 48.2 billion (Rs. 4 lakh crore). Central Public Sector Enterprises (CPSEs), including key players like Coal India, actively contribute to this upward trend, with over 245 CPSEs participating in the GeM platform.
With a vast user base of 63,000 government buyers and over 62 lakh sellers, GeM has established itself as a central procurement hub for government departments, ministries, public sector units, and more. The portal covers various products and services, from automobiles and computers to transportation, logistics, and analytical services. It is the third-largest global procurement platform, following South Korea's KONEPS and Singapore's GeBIZ. Additionally, several states, including Uttar Pradesh, Gujarat, Maharashtra, and Delhi, have significantly contributed to the portal's growth by placing substantial procurement orders in the current fiscal year. GeM's expansion into the services sector has been instrumental, with the sector's contribution to total procurement increasing from 23% in 2021-22 to 50% in the current fiscal year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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