Government e-Marketplace surpasses INR 1 lakh crore Gross Merchandise Value milestone in record time
Accelerated growth, increased efficiency and unwavering trust propel Government e-Marketplace (GeM) to achieve an impressive milestone, crossing INR 1 lakh crore in Gross Merchandise Value (GMV) within a remarkable span of 145 days in the current financial year, FY 2023-24. This outstanding achievement underscores GeM's commitment to revolutionizing government procurement and signifies a substantial improvement compared to the previous year, where this GMV landmark was reached in 243 days. The average GMV per day has also witnessed significant growth from INR 412 crore per day in FY 22-23 to INR 690 crore per day in FY 23-24.
This notable milestone firmly establishes GeM as one of the largest public procurement portals globally, both in terms of transaction value and the breadth of the buyer-seller network within its unified digital ecosystem. Since inception, GeM has crossed INR 4.91 Lakh Crore in GMV and has facilitated over 1.67 crore orders on the platform.
Among the noteworthy contributors to this remarkable GMV achievement, the contribution of Central Public Sector Enterprises (CPSEs) , Central Ministries and State Governments has been 54%, 26% and 20% respectively.
Additionally, GeM's efforts to foster inclusivity and accessibility have been commendable. The platform's integration with e-Gram Swaraj to streamline Panchayat-level procurement exemplifies its commitment to reaching last-mile sellers and optimizing costs at the grassroots level of administration.
Looking ahead, GeM's vision encompasses a wider federal reach, customized processes, and policies that will enhance public savings while upholding the highest quality standards for products and services. Its remarkable performance in achieving the INR 1 lakh crore GMV milestone within an accelerated time frame not only reflects its growth trajectory but also solidifies its position as the key player in transforming government procurement practices in the country.
The past financial year concluded with a GMV of INR 2 lakh crore, setting a formidable foundation for this year's achievement. GeM's strategic focus in FY 2023-24 centers on expanding its reach by integrating government buyers across all tiers into its robust e-procurement infrastructure. The portal's extended range of service offerings has contributed significantly to its widespread adoption during this period.
With a vast assortment of over 30 lakh listed products and an impressive portfolio of over 300 service categories, GeM is well-equipped to meet the diverse product and service needs of government departments nationwide. Consequently, the platform has also witnessed a substantial surge in orders from various State Governments and affiliated entities, firmly establishing GeM as a go-to solution for government procurement.