GeM closes FY24 at Rs 4 lakh crore, doubles business in a year
Notably, the GMV is double to what was clocked at the end of previous Fiscal Year.
There has been a ’10x’ growth in procurement from the government e-Marketplace (GeM) in the last three years, Union Minister of Commerce and Industry Piyush Goyal has said.
He praised all the stakeholders of GeM for being a catalyst of change during his address at the ‘Kreta-Vikreta Gaurav Samman Samaroh 2023’ organized by GeM in New Delhi last night.
Goyal lauded the efforts of the awardees, whose contribution has brought about a transformational change in the public procurement landscape of the country.
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The minister noted that GeM is endeavouring to achieve the vision of Prime Minister Narendra Modi of a unified, transparent and efficient procurement system through leveraging technology and analytics. He emphasised how GeM has enabled the benefits of scale and achieved multi-dimensional growth in the last seven years.
Goyal said that the saving of taxpayers’ money due to the increased use of GeM by central and state departments for procurement of goods and services has resulted in its better utilisation for public welfare projects.
The minister expressed the hope that overall procurement of goods and services from the government portal GeM would cross Rs 3 lakh crore in FY 2022-23 as it has already crossed Rs 2 lakh crore in 2022-23.
The minister said the Ministry of Commerce and Industry is continuously trying to improvise the system. Goyal said that a new system is being developed at GeM, which will be more contemporary and modern with more elements for ease of operations.
He said that data analytics will be offered in the new system to help the buyers and sellers in making decisions related to procurement. He said that India’s largest software exporter TCS has won the contract for running and maintaining the government procurement portal GeM.
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