New Delhi, August 9, 2024: The Government eMarketplace (GeM) has achieved a significant milestone in the Financial Year (FY) 2023-24, recording a Gross Merchandise Value (GMV) exceeding Rs 4 lakh crore. This remarkable achievement underscores the platform's growing role in transforming public procurement in India.
Launched in August 2016, GeM is an online platform that facilitates the procurement of goods and services by various government departments, organizations, and public sector undertakings. The platform was created with the objective of enhancing transparency, efficiency, and speed in public procurement, while also ensuring a level playing field for suppliers across the country.
The impressive GMV figure for FY 2023-24 highlights the platform’s growing acceptance and trust among government buyers and suppliers alike. The substantial increase in GMV is attributed to several factors, including the government's emphasis on digital transformation, the growing number of registered sellers, and the expansion of the product and service categories available on the platform.
According to official sources, over 65 lakh sellers and service providers are now registered on GeM, with a significant portion being Micro, Small, and Medium Enterprises (MSMEs). This aligns with the government's broader objective of promoting MSMEs and enhancing their participation in public procurement. The platform has also seen an increase in the number of registered government buyers, further driving the surge in transactions.
In a statement, the Ministry of Commerce and Industry lauded GeM's performance, stating that the platform has not only contributed to the ease of doing business but has also generated significant cost savings for the government. The ministry emphasized that GeM has become a critical tool in the government's efforts to ensure transparency, accountability, and efficiency in public procurement.
GeM's success in FY 2023-24 is also reflective of the increasing digitization of government operations. The platform’s user-friendly interface, combined with its robust technological infrastructure, has made it easier for government departments to procure goods and services, reducing procurement timelines and cutting down on procedural inefficiencies.
The Rs 4 lakh crore GMV milestone is expected to further boost confidence in the platform and encourage more suppliers to join. The government has set even more ambitious targets for the coming years, with plans to expand the platform’s reach and enhance its capabilities, including the integration of advanced technologies such as artificial intelligence and blockchain to further streamline procurement processes.
As GeM continues to grow, it is poised to play an even more significant role in India's digital economy, fostering innovation, promoting fair competition, and driving greater value for government spending. The platform’s success in FY 2023-24 is a testament to the government's commitment to leveraging technology to transform public procurement and achieve its broader economic goals.
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