GeM Secures Rs 4 Lakh Crores in GMV FY-24, Twice of FY-23
- Indian Masterminds Bureau
- Published on 30 Mar 2024, 2:26 pm IST
- 2 minutes read
Highlights
Nearly 50% of this GMV has been attributed to the procurement of services, displaying a remarkable surge of 205% in terms of services procured on GeM in FY23, informed CEO of GeM, Prashant Kumar Singh, a 1993-batch IAS officer
The Government e-Marketplace saw through FY24 with Rs. 4 lakh crore in Gross Merchandise Value (GMV), which is two times the GMV it had registered by the end of FY23. Such an achievement is a testament to their unique digital capabilities and functionalities that have augmented their efficiency, transparency, and seamlessness in public procurement.
The ability to procure services through the GeM portal turned out to be the pioneering thrust behind their staggering GMV. Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in terms of Services procured on GeM in FY23.
The GeM has succeeded in breaking down the cartel of established and renowned service providers by creating access to their market and facilitating small domestic entrepreneurs to participate in government tenders from anywhere at any time. The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.Related Stories
The CEO of GeM, Mr. Prashant Kumar Singh (1993 batch IAS) observed, “Through its inclusive initiatives like ‘Vocal for Local’, ‘One District, One Product’, ‘Startup Runway’, ‘Womaniya.’ etc., GeM has provided a level-playing field for domestic businesses to grow and thrive. Of the ₹ 4 lakh crore GMV orders nearly 50 % have been awarded to marginalized seller segments such as artisans, weavers, craftsmen, MSEs, especially women-led and SC/STs, SHGs, FPOs and Startups. GeM’s collaboration with 5.2 lakh+ CSCs and 1.5 lakh+ India Post offices has served as a phenomenal force in maximising outreach and capacity-building at micro levels. Through supportive handholding at every step to help diverse sellers and service providers grow their business on GeM, the platform has given impetus to hyper-local economies across regions in India, resulting in job creation and greater incomes.”
GeM’s expansive network of more than 1.5 lakh Government buyers and 21 lakh sellers and service providers have made this incredible feat possible. Through comprehensive onboarding of last-mile buyers and sellers, GeM has fostered engagement at the grassroots level. By integrating 89421 Panchayats and over 760 Cooperatives within its procurement Ecosystem, GeM has facilitated sustainable procurement while ensuring optimization in public spending at the very last level of administration.
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