Indian Economy News

This fiscal year so far, procurement through the GeM portal has exceeded Rs. 2 trillion (US$ 24 billion)

  • IBEF
  • November 14, 2023

Due to increased purchasing activity by various ministries and departments, the total amount of products and services procured through the government portal government e-marketplace (GeM) has exceeded Rs. 2 lakh crore (US$ 24 billion) thus far this fiscal year.

All central government ministries and departments can now make online purchases of goods and services through the government e-Market (GeM) platform, which was inaugurated on August 9, 2016.

The procurement value in 2021-22 was Rs. 1.06 lakh crore (US$ 13 billion). According to the trend this year, it might surpass Rs. 3 lakh crore (US$ 36 billion) after crossing Rs. 2 lakh crore (US$ 24 billion) the previous year.

 With over 62 lakh sellers and service providers, GeM offers a wide range of goods and services, in addition to over 63,000 government buyer organisations.

Currently, this portal can be used for transactions by state governments, government departments, public sector units, and central armed police forces. The portal offers a wide range of goods, ranging from office stationery to vehicles. Among the main product categories are computers, office furnishings, and automobiles. The portal lists a variety of services, such as webcasting, waste management, logistics, transportation, and analysis.

The biggest platform of its kind worldwide is KONEPS, located in South Korea. GeM is currently ranked third, after GeBIZ in Singapore.

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