Indian Economy News

The Ministry of Defence records US$ 12 billion (Rs. 1 lakh crore) total order value on the Government e-marketplace since the portal’s inception.

The Ministry of Defence (MoD) has achieved a significant milestone, surpassing US$ 12 billion (Rs. 1 lakh crore) in total order value through the Government e-marketplace (GeM) portal, known as Gross Merchandise Value (GMV). In the current fiscal year alone, transactions worth approximately US$ 5.5 billion (Rs. 45,800 Crore) have been awarded, ranging from general store items to critical defense acquisitions like missile systems. GeM has facilitated over 5.47 lakh orders, showcasing the Ministry's commitment to optimizing public spending and supporting Prime Minister Shri Narendra Modi's vision of a self-reliant India.

This achievement positions the Ministry of Defence as the first central government entity to cross this noteworthy figure, emphasizing its dedication to embracing change and fostering self-reliance. Notably, 50.7% of orders of US$ 7.3 billion (Rs. 60,593 Crore) have been awarded to Micro and Small Enterprises (MSEs), contributing significantly to India's economic self-sufficiency. With nearly 19,800 MoD buyers nationwide, including remote areas, placing trust in GeM, the portal has become an integral part of the procurement landscape. The engagement of Defence PSUs on the GeM platform has streamlined processes and facilitated sales, marking a transformative shift in procurement practices, further underscored by GeM's commitment to cost-effective and efficient government transactions through demand aggregation modules.

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