The Government Electronics Market (GeM) surpassed Rs 1 lakh crore in Gross Merchandise Value (GMV) in a remarkable 145 day period during the 23-24 fiscal year.
This outstanding achievement underscores GeM’s commitment to revolutionizing public procurement and represents a significant improvement over the previous year, when the GMV milestone was reached, said the Ministry of Trade and Industry. this after 243 days”.
The statement said the average daily GMV also saw growth from Rs 412 crore per day in Fiscal year 22-23 to Rs 690 crore per day in Fiscal year 23-24.
GeM is an online government procurement portal developed to facilitate the procurement of goods and services by government agencies, public sector agencies and companies. It was launched in August 2016 as part of the government’s Digital India initiative. Since its launch in 2016, GeM has surpassed Rs 4.91 billion in GMV and has facilitated over 1.67 billion orders on the platform.
The contribution by central public sector enterprises (CPSEs), central ministries and state governments is 54 percent, 26 percent and 20 percent, respectively, the ministry said.
“His remarkable achievement in reaching the GMV milestone of INR 10,000 in an accelerated time frame not only reflects his growth trajectory but also solidifies his position as a key factor in changing public procurement practices in the country,” the ministry added.
GeM’s goal in Fiscal Year 23 and Fiscal Year 24 is to expand its reach by integrating government buyers at all levels into its robust e-procurement infrastructure.
Fiscal year 23 ended with GMV reaching Rs 2 lakh crore, laying a solid foundation for this year’s achievements. The portal’s wide range of service offerings contributed significantly to its widespread adoption during this period.
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