The Business Bytes
New Delhi, July 11, 2024 (TBB Bureau): Government e-Marketplace (GeM) has reported a substantial growth with a gross merchandise value (GMV) of Rs 1.25 lakh crore in the first quarter (April-June) of the financial year 2024-25, marking a remarkable 136% increase from last year’s Rs 52,670 crore in the same quarter.
The services segment emerged as the key driver, achieving a GMV of over Rs 80,500 crore, reflecting a staggering 330% growth compared to the corresponding period in FY 2023-24. Central ministries, including CPSEs, contributed significantly, surpassing the Rs 1 lakh crore milestone in procurement. Ministries of Coal, Defence, and Petroleum & Gas led the charge as top procurers, with CPSEs accounting for more than Rs 91,000 crore of the total GMV.
Prashant Kumar Singh, CEO of GeM, highlighted the pivotal role of central government bodies in driving procurement reforms, aiming to optimize resource allocation for national development. He emphasized GeM’s role in enhancing transparency, reducing corruption opportunities, and fostering greater participation of small-scale sellers, thereby improving overall efficiency.
Singh also announced a significant reduction in transaction charges on the GeM platform, ranging from 33% to 96%, aimed at enhancing competitiveness among sellers.
As part of its #VocalforLocal initiative, GeM launched “The Aabhar Collection,” featuring over 120 hand-crafted gift items and hampers from One District One Product (ODOP) and Geographical Indication (GI) categories. Priced from Rs 500 to Rs 25,000, these products are intended for use in government events and ceremonies.
Since its inception in 2016, GeM has transformed India’s e-procurement landscape, consolidating disparate systems into a unified platform accessible to all government buyers across the country, supported by a wide network of sellers and service providers.
