Government e Marketplace has closed this financial year with ₹4 lakh crore in Gross Merchandise value (GMV) – doubling its GMV clocked at the end of previous Fiscal Year.
This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement, the statement from the Ministry of Commerce & Industry, on March 29, said.
“As of March 28, the procurement has crossed Rs 4 lakh crore. It is historic,” GeM CEO P K Singh told reporters in Delhi today.
The procurement of services through the GeM portal has proved to be a pivotal force behind this staggering GMV. Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in terms of services procured on GeM last FY.
By creating access to the market, GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving the way for small domestic entrepreneurs to participate in government tenders from anywhere at any time.
The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.
Increased engagement from states has also mobilized this phenomenal growth in GMV. In this FY, highest procuring states like Gujarat, Uttar Pradesh and Delhi, have helped states surpass the earmarked public procurement target of this year.
The contribution made by central entities including Ministries and CPSEs has greatly spurred the GMV. These Government organizations have contributed to nearly 85% of this ₹4 lakh crore milestone. Notably, the Ministry of Coal, Ministry of Power and Ministry of Petroleum & Natural Gas and their subsidiaries have emerged as the highest procuring entities at the central level.
GeM’s network of more than 1.5 lakh government buyers and 21 lakh sellers and service providers have made this incredible feat possible. Through comprehensive onboarding of last-mile buyers and sellers GeM has fostered engagement at the grassroots level, the statement from the Ministry of Commerce & Industry said.
“Through its inclusive initiatives like ‘Vocal for Local’, ‘One District, One Product’, ‘Startup Runway’, ‘Womaniya’ etc., GeM has provided a level-playing field for domestic businesses to grow and thrive. Of the 4 lakh crore GMV, orders nearly 50 per cent have been awarded to marginalised seller segments such as artisans, weavers, craftsmen, MSEs, especially women-led and SC/STs, SHGs, FPOs and Startups.
GeM’s collaboration with 5.2 lakh+ CSCs and 1.5 lakh+ India Post offices has served as a phenomenal force in maximising outreach and capacity-building at micro levels,” said GeM CEO PK Singh.
He said GeM has become a one-stop shop for seamless public procurement as it offers over 12070 product categories and 320+ service categories.
