GeM's Sales Turnover Doubles to Rs 4 Lakh Crore in 2023-24

By siliconindia  |  Friday, 29 March 2024, 02:34:27 PM IST

GeM's Sales Turnover Doubles to Rs 4 Lakh Crore in 2023-24
The Government e-Marketplace (GeM) has reported significant growth, closing the financial year 2023-24 with a Gross Merchandise Value (GMV) of Rs 4 lakh crore. This figure represents a doubling compared to the previous fiscal year (2022-23), highlighting the platform's digital capabilities in enhancing efficiency, transparency, and seamlessness in public procurement, as stated by the Commerce and Industry Ministry.
A notable surge of 205 per cent in services procurement contributed nearly 50 per cent to this GMV, showcasing GeM's success in breaking down barriers for small domestic entrepreneurs to participate in government tenders. Central entities, including ministries and Central public sector enterprises, played a crucial role, contributing around 85 per cent to the total GMV milestone. Among them, the Ministry of Coal, Ministry of Power, and Ministry of Petroleum & Natural Gas emerged as the highest procuring entities.
Moreover, increased engagement from states such as Gujarat, Uttar Pradesh, and Delhi has further propelled the growth in GMV, surpassing the public procurement target for the year. GeM's extensive network of government buyers and sellers, along with its integration of Panchayats, cooperatives, and various initiatives like 'Vocal for Local', 'One District, One Product', and 'Startup Runway', has fostered inclusivity and provided opportunities for marginalized seller segments.
GeM's collaboration with Common Service Centers (CSCs) and India Post offices has amplified its outreach and capacity-building efforts at the grassroots level. With over 12,070 product categories and 320+ service categories, GeM serves as a comprehensive platform for seamless public procurement. Additionally, the recent partnership with Tata Consultancy Services has further enhanced GeM's technological infrastructure, improving user experience, transparency, and inclusivity.

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