Government e-Marketplace Achieves ₹2 Lakh Crore Gross Merchandise Value in Under 8 Months of FY 2023-24

In an impressive feat, the Government e-Marketplace (GeM) has achieved a noteworthy milestone by exceeding ₹2 Lakh Crore in Gross Merchandise Value (GMV) in less than eight months of the current fiscal year. This surpasses the total GMV recorded at the conclusion of the previous fiscal year (2022-23). The average Gross Merchandise Value (GMV) per day has experienced substantial growth, reaching over ₹850 crore per day in the current financial year.

Key Contributors to GMV Achievement:

Central Entities Dominance:

  • Central Public Sector Enterprises (CPSEs) played a pivotal role contributed an impressive 83% to the total GMV.

State Governments’ Enthusiastic Participation:

  • Active participation of State Governments, comprising the remaining 17%, further underscores the nationwide embrace of GeM’s transformative impact on public procurement.
  • Noteworthy involvement from states like Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, Uttarakhand.

Geographical Spread of Procurement:

  • States across the nation actively placed significant procurement orders.
  • Reflects a widespread acknowledgment of GeM’s transformative impact on public procurement.

Top Contributing States:

  • Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, Uttarakhand demonstrated substantial procurement activities.

Unprecedented Synergy between Central and State Entities:

Collaborative efforts between Central and State entities exemplify a harmonious synergy propelling GeM to unprecedented heights of success.

GeM’s Expansion:

  • The accelerated adoption of GeM has been significantly propelled by its expansion into the services sector.
  • The remarkable surge in order value within the services segment stands out as the most vibrant chapter in GeM’s success story, demonstrating exponential growth over the past three years.
  • The services sector has witnessed a remarkable surge in its contribution to the total order value processed through the platform, soaring from 23% in FY 21-22 to nearly 46% in the current financial year.

GeM Portal:

  • The portal showcases a diverse catalog, encompassing nearly 312 service categories and over 11,800 product categories. This extensive range equips it to effectively meet the dynamic requirements of government buyers at all levels.
  • GeM has achieved a Gross Merchandise Value (GMV) surpassing ₹5.93 lakh crore since its inception, a testament to the substantial support from its stakeholders. The platform has also witnessed a total of over 1.8 crore transactions.
  • GeM’s unwavering commitment to inclusivity and accessibility serves as a testament to its visionary approach.
  • The platform’s seamless integration with e-Gram Swaraj, focused on streamlining Panchayat-level procurement, not only emphasizes its commitment but also highlights its unparalleled ability to connect with last-mile sellers.
  • This integration is executed with meticulous optimization of costs at the grassroots level of administration.
  • This remarkable endeavor amplifies GeM’s impact, showcasing its far-reaching influence on India’s procurement landscape.

GeM’s multifaceted approach

  • The platform specifically addresses the distinctive contexts and limitations faced by marginalized seller segments, including small and medium enterprises, women entrepreneurs, startups, and artisans.
  • Its policies are designed with the intent to offer suitable business opportunities to all firms, irrespective of their size and popularity.
  • As a result, approximately 49% of the total order value processed through the platform has been allocated to Micro and Small Enterprises (MSEs).

Within a mere 7 months, over 45,000 Micro and Small Enterprises (MSEs) have registered as sellers or service providers on GeM.

Latest news

Digital Transformation Conclave 2.0 Concluded Successfully in Telangana

Telangana, June 14, 2024 ilouge Media & GovConnect, in collaboration with the Information Technology, Electronics & Communications (ITE&C) Department of...

Digital Transformation Conclave 2.0: Telangana Leads the Way in Digital Transformation and Sustainability

The Digital Transformation Conclave 2.0, the most-awaited event is being organized by ilouge Media in collaboration with the Information...

GAIL Announces Rs 60,000 Crore Ethane Cracker Project in Madhya Pradesh

GAIL, India's leading gas supplier, has unveiled plans for a monumental 1500 KTA ethane cracker project in Ashta, Sehore...

Tata Motors to Invest up to Rs 18,000 Crore in Electric Vehicle Division by FY30

Tata Motors, India’s third-largest carmaker by sales, announced its ambitious plans to invest between Rs 16,000 crore and Rs...
spot_img

You might also likeRELATED
Recommended to you

spot_img