GeM Achieves Two Lakh Crore GMV Milestone in Less Than Eight Months, Showing Remarkable Growth in Services Sector
In a remarkable achievement, Government e-Marketplace (GeM) has reached a significant milestone by surpassing ₹2 Lakh Crore in Gross Merchandise Value (GMV) within less than eight months of the current fiscal year, surpassing the total GMV inscribed at the end of last fiscal year (2022-23). The average GMV per day has also witnessed significant growth and reached more than ₹850 crore per day in the current Financial Year.
Within the constellation of noteworthy contributors to this momentous GMV achievement in the current financial year, the substantial role played by Central entities, including Central Public Sector Enterprises (CPSEs), has been truly outstanding, constituting an overwhelming 83% of the total.
Also, the enthusiastic participation of State Governments, comprising the remaining 17%, further underscores the nationwide embrace of GeM's transformative impact on public procurement. States like Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, Uttarakhand have placed significant amounts of procurement orders in the current financial year.
This unparalleled collaboration between the Central and State entities exemplifies a harmonious synergy, propelling GeM to unprecedented heights of success.
GeM's expansion into the services sector has played a pivotal role in driving its accelerated adoption. The increase in order value in the services segment has been the brightest chapter in GeM’s success story with exponential growth over the last 3 years. Services sector has exhibited a staggering increase in the overall contribution to the total order value transacted through the platform, having jumped from 23% in FY 21-22 to nearly 46% in the current financial year.
This outstanding accomplishment not only reflects the platform's rapid growth but also its pivotal role in transforming public procurement across India. GeM's unprecedented growth can be attributed to its commitment to fostering efficiency and transparency in public procurement processes, enabling government agencies to access a wide range of products and services in a streamlined and cost-effective manner.
The portal displays a diverse catalogue of nearly 312 service categories and more than 11,800 product categories, well-equipping it to adequately match the dynamic requirements of government buyers at all levels. Cumulatively, GeM has surpassed the ₹5.93 lakh crore GMV since inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.8 crore.