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GeM records highest gross merchandise value of Rs 3 lakh cr in FY24

Also, there has been a notable increase in the daily average GMV transaction value during this period, rising from Rs 504 crore in FY 22-23 to Rs 914 crore as of February 12, 2024.

GeM records highest gross merchandise value of Rs 3 lakh cr in FY24

The Government eMarketplace (GeM), an integrated digital platform, recorded a Gross Merchandise Value (GMV) of Rs 3 lakh crore, significantly surpassing the total GMV recorded at the end of the previous fiscal year at Rs 2 lakh crore, data released by the Ministry of Commerce said on Monday.

Also, there has been a notable increase in the daily average GMV transaction value during this period, rising from Rs 504 crore in FY 22-23 to Rs 914 crore as of February 12, 2024.

The data further stated that the GeM directly links over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers.

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By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption and bribery in government spending, thereby inculcating greater transparency in public finances.

The platform currently showcases more than 12,200 plus products and services categories with offerings covering all complex and dynamic requirements of government buyers across the country.

Over the past three years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement – from approximately Rs 66,000 crore in FY 22-23 to Rs 1,30,984 crore in FY 23-24.

Notably, the services sector’s contribution to GeM’s GMV has surged by 98 per cent from the last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year.

While central entities have contributed to 82 per cent of the current GMV, increased engagement from States has propelled the platform’s growth.

States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56 per cent increase compared to the corresponding period in the previous fiscal year.

This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Delhi, in the platform’s capabilities to achieve cost-efficiency in their public procurement. These states have emerged as the top procurers on the platform, in terms of order value, during this period.

GeM’s inclusive approach is a key driver in its success, catering to marginalized seller segments such as artisans, weavers, craftsmen, MSEs, especially women-led and SC/ST MSEs, SHGs, FPOs, and startups, the Ministry of Commerce said.

Policies aimed at fostering diversity and inclusivity have provided a level playing field for domestic businesses, with nearly 50% of the total order value transacted through the platform being awarded to MSEs.

Since inception, GeM has facilitated approximately Rs 3.27 lakh crore of business to MSEs. Of this, orders worth Rs 22,200 crore, have been fulfilled by women-led MSEs alone.

Additionally, 392 new categories have been created under the “One District, One Product” marketplace, enhancing visibility for listed products and providing India’s arts and crafts greater recognition at a nation-wide stage.

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