In a remarkable feat, the Government e-Marketplace (GeM) has surpassed ₹2 Lakh Crore in Gross Merchandise Value (GMV) within the first eight months of the current fiscal year, outpacing the total GMV of the previous fiscal year (2022-23).
This milestone achievement highlights the platform’s rapid growth and transformative impact on public procurement in India.
A staggering 83% of this remarkable GMV milestone is attributed to the substantial contribution of Central entities, including Central Public Sector Enterprises (CPSEs). This underscores the pivotal role played by government organizations in embracing GeM for efficient and transparent procurement processes.
States Join the GeM Wave, Contributing 17%
The enthusiastic participation of State Governments, constituting the remaining 17%, showcases a nationwide embrace of GeM’s impact. States such as Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, and Uttarakhand have significantly contributed to the platform’s success with substantial procurement orders.
Services Sector Surges, Contributing 46% to GMV
GeM’s expansion into the services sector has played a crucial role in its accelerated adoption. The services segment has witnessed exponential growth, jumping from 23% in the previous fiscal year to nearly 46% in the current financial year, reflecting a bright chapter in GeM’s success story.
Diverse Catalogue and Unprecedented Growth
With a diverse catalogue comprising nearly 312 service categories and over 11,800 product categories, GeM has adeptly met the dynamic requirements of government buyers at all levels. Since its inception, the platform has surpassed ₹5.93 lakh crore GMV, with over 1.8 crore transactions.
Inclusivity and Accessibility at the Core
GeM’s commitment to inclusivity and accessibility is evident in its integration with e-Gram Swaraj, streamlining Panchayat-level procurement. This visionary approach optimizes costs at the grassroots level, connecting with last-mile sellers and impacting India’s procurement landscape significantly.
Empowering Marginalized Segments
GeM’s dedication to inclusivity extends to marginalized seller segments, including small and medium enterprises, women entrepreneurs, startups, and artisans. Nearly 49% of the total order value transacted through the platform has been awarded to MSEs, with over 45,000 MSEs registering as sellers in just seven months.
GeM’s Impact on Cost Savings and “Make in India”
A hallmark of GeM’s success lies in its dedication to cost savings, enabling the government to save over ₹45,000 crore since 2016. The platform’s transformative journey aligns with the “Make in India” initiative, promoting domestically manufactured products and services.
Driving Digital Transformation
As GeM continues to evolve, it remains a cornerstone of the Indian government’s digital transformation, driven by cutting-edge technology and innovation. The platform’s success story stands as a testament to transparency, efficiency, and inclusivity in public procurement processes across the nation.