Public procurement via GeM portal to cross (Rs. 2 trillion) in FY23: Official

According to a top official, the procurement of goods and services from the government portal, Government e-Marketplace (GeM) is expected to cross US$ 24 billion (Rs. 2 trillion) during the current fiscal year, on account of an increase in buying activities by different ministries and departments. The procurement crossed US$ 18 billion (Rs. 1.5 trillion) on February 1, 2023.

Mr. P.K. Singh, the Chief Executive Officer (CEO) of the Government e-Marketplace (GeM), said that huge potential is there in states and public sector undertakings to increase the buying from the platform. He further stated that the portal has about 66,000 buyer organisations and more than 58 lakh sellers and seller providers who are offering a wide range of goods and services.

He further added that through automation and digitisation of the processes, GeM has led to higher process efficiencies, better information sharing, improved transparency, reduced process cycle times, and a higher level of trust among bidders, which in turn have resulted in greater competition and higher savings.

It was highlighted that the central public sector enterprises account for about 50% of the total procurement happening at the platform.

The portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments and a wide range of products from office stationery to vehicles are being provided.

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