The Government eMarketplace (GeM), an integrated digital platform, has achieved a Gross Merchandise Value (GMV) of Rs 3 lakh crore, surpassing the total GMV recorded at the end of the previous fiscal year, which stood at Rs 2 lakh crore, according to data released by the Ministry of Commerce on Monday.
The data further indicates a significant increase in the daily average GMV transaction value during this period, rising from Rs 504 crore in FY 22-23 to Rs 914 crore 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, digitally integrating all stakeholders in the public procurement process. This integration has eliminated harmful practices like collusion, corruption, and bribery in government spending, fostering greater transparency in public finances.
The platform showcases more than 12,200 product and service categories, covering all complex and dynamic requirements of government buyers across the country.
Over the past three years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement – from approximately Rs 66,000 crore in FY 22-23 to Rs 1,30,984 crore in FY 23-24. The services sector’s contribution to GeM’s GMV has surged by 98 per cent from the last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year.
While central entities have contributed to 82 per cent of the current GMV, increased engagement from States has propelled the platform’s growth. States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56 per cent increase compared to the corresponding period in the previous fiscal year.
States like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, and Delhi have emerged as the top procurers on the platform, in terms of order value, showcasing immense trust in the platform’s capabilities to achieve cost-efficiency in their public procurement.
GeM’s inclusive approach caters to marginalized seller segments such as artisans, weavers, craftsmen, MSEs (Micro and Small Enterprises), especially women-led and SC/ST MSEs, SHGs (Self Help Groups), FPOs (Farmers Producer Organizations), and startups. Nearly 50% of the total order value transacted through the platform has been awarded to MSEs since inception, fostering diversity and inclusivity in domestic businesses.
Furthermore, 392 new categories have been created under the “One District, One Product” marketplace, enhancing visibility for listed products and providing India’s arts and crafts greater recognition on a nationwide stage.
