In a groundbreaking stride, the Government e-Marketplace (GeM) has achieved an exceptional feat by crossing the ₹2 Lakh Crore milestone in Gross Merchandise Value (GMV) in less than eight months of the fiscal year 2023-24. This achievement surpasses the total GMV recorded at the conclusion of the previous fiscal year (2022-23). Alongside this remarkable growth, the average GMV per day has soared to over ₹850 crore in the current financial year.
Central entities, particularly Central Public Sector Enterprises (CPSEs), have played an exemplary role, contributing a staggering 83% to this monumental GMV achievement. The enthusiastic involvement of State Governments, contributing the remaining 17%, underscores the nationwide embrace of GeM’s transformative impact on public procurement. States like Uttar Pradesh, Gujarat, Maharashtra, Delhi, and others have significantly bolstered procurement orders in this financial year.
This unparalleled collaboration between Central and State entities stands as a testament to GeM’s success, propelling it to unprecedented heights.
The exponential growth in the services segment has been a key driver in GeM’s rapid adoption. Over the last three years, the services sector has witnessed an exceptional surge in order value, accounting for nearly 46% of the total order value transacted through the platform, compared to 23% in FY 21-22.
This accomplishment underscores GeM’s pivotal role in revolutionizing public procurement across India, driven by its commitment to enhancing efficiency and transparency in procurement processes. GeM offers access to a diverse catalogue of nearly 312 service categories and more than 11,800 product categories, catering adeptly to the dynamic needs of government buyers.
Since its inception, GeM has surpassed the ₹5.93 lakh crore GMV mark, supported by stakeholders, with total transactions crossing 1.8 crore.
GeM’s dedication to inclusivity and accessibility is evident through its integration with e-Gram Swaraj, streamlining Panchayat-level procurement and connecting with last-mile sellers. This remarkable endeavor highlights GeM’s far-reaching influence on India’s procurement landscape, particularly in empowering marginalized seller segments like small and medium enterprises, women entrepreneurs, startups, and artisans.
A notable aspect of GeM’s success lies in its emphasis on cost savings, aiding the government in saving over ₹45,000 crore since 2016. The Economic Survey 2021-22 reported GeM’s prices to be 9.5% lower than other online platforms for 10 out of 22 commodities, a testament to its commitment to transparency and efficiency.
As GeM continues to evolve, it remains a pivotal part of India’s digital transformation and the “Make in India” initiative, promoting the usage of domestically manufactured products and services.