e-Marketplace sales turnover doubles to Rs 4 lakh cr in FY24
50% of this GMV has been attributed to the procurement of services, displaying a remarkable surge, says Commerce and Industry Ministry
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New Delhi: The Government e-Marketplace (GeM) has closed the 2023-24 financial year with a Gross Merchandise Value (GMV) of a staggering Rs 4 lakh crore which is double that of the corresponding figure for the previous fiscal year (2022-23), the Commerce and Industry Ministry said on Friday.
“This testifies to the portal’s unique digital capabilities that have facilitated greater efficiency, transparency, and seamlessness in public procurement,” the ministry said.
Nearly 50 per cent of this GMV has been attributed to the procurement of services, displaying a remarkable surge of 205 per cent in the segment over the previous year.
“By creating access to the market, GeM has been exceptionally successful in breaking down the cartel of established service providers and paved the way for small domestic entrepreneurs to participate in government tenders from anywhere at any time,” the ministry stated.
The contribution made by central entities including ministries and Central public sector enterprises have spurred the huge growth in GMV. These government organisations have contributed to nearly 85 per cent of the total Rs 4 lakh crore milestone. The Ministry of Coal, Ministry of Power and Ministry of Petroleum & Natural Gas and their subsidiaries have emerged as the highest procuring entities at the central level.
At the same time, there has also been an increased engagement from states that has helped in this phenomenal growth in GMV. The highest procuring states like Gujarat, Uttar Pradesh, and Delhi, have contributed to surpassing the public procurement target for this year.
GeM’s vast network of 1.5 lakh+ government buyers and 21 lakh sellers and service providers have made this incredible feat possible. By integrating 89421 Panchayats and 760+ Cooperatives within its procurement ecosystem, GeM has facilitated sustainable procurement while ensuring optimisation in public spending at the very last level of administration, the official statement said.
