Government eMarketplace achieves record ₹ 3 lakh cr GMV milestone

The Government eMarketplace (GeM), a trailblazer in public procurement, has reached a historic Gross Merchandise Value (GMV) of ₹ 3 lakh crore, surpassing the total GMV of the previous fiscal year, which stood at ₹ 2 lakh crore.

During this period, there has been an increase in the daily average GMV transaction value, climbing from ₹ 504 crore in FY 22-23 to ₹ 914 crore as of February 12, 2024.

A government press release on the PIB said, “Since its inception in 2016, GeM has transformed the landscape of public procurement, providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/State Ministries, Departments, Public Sector Undertakings, Panchayats, and Cooperatives.”

“As of February 12, 2024, GeM directly links over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers. By digitally integrating all stakeholders in the public procurement process, GeM has eradicated harmful practices like collusion, corruption, and bribery, thereby fostering greater transparency in public finances. Currently, the platform showcases more than 12,200+ products and service categories, catering to the diverse requirements of government buyers nationwide, the PIB press release mentioned.

“The services segment on GeM has witnessed a remarkable surge, playing a pivotal role in its success and exponential growth. Over the past three years, services procurement has soared from approximately ₹ 66,000 crore in FY 22-23 to ₹ 1,30,984 crore in FY 23-24 (As of February 12, 2024). Notably, the services sector's contribution to GeM's GMV has surged by 98% from last year, with services procurement expected to exceed ₹ 1.5 lakh crore by the end of this fiscal year”, the press communication highlighted.