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Business News/ Industry / Retail/  Govt's e-marketplace GMV touches 4 trillion in FY24
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Govt's e-marketplace GMV touches ₹4 trillion in FY24

In the last month of the current fiscal, the GMV of services on the platform crossed ₹2.05 trillion

The GeM has seen substantial growth in procurement, surpassing a GMV of over ₹2.5 trillion with 4 million orders during April-December. (Image: Pixabay)Premium
The GeM has seen substantial growth in procurement, surpassing a GMV of over 2.5 trillion with 4 million orders during April-December. (Image: Pixabay)

New Delhi: The gross merchandise value (GMV) of state-run government e-marketplace (GeM) touched 4 trillion in the current fiscal, as government departments have been actively procuring goods and services through the portal, additional secretary in the commerce ministry Anant Swarup told Mint.

The GMV is up by 2 trillion from the last fiscal year. The state-run procurement portal offers a range of 12,070 products and more than 320 services to over 1.5 lakh government clientele.

The GeM saw substantial growth in procurement, surpassing a GMV of over 2.5 trillion with 4 million orders during April-December.

The procurement of services on GeM had risen significantly from 8,500 crore in FY2020-21 to 66,000 crore in FY2022-23. In the last month of the current fiscal, the GMV of services has crossed 2.05 trillion, GeM CEO PK Singh said.

Since its inception, GeM has facilitated more than 2.1 crore orders worth more than 7.9 trillion, Singh said, claiming it has saved 80,000 crore of the government exchequer.

The government's online procurement platform is only accessible to public sector undertakings, government departments, cooperatives, and civic bodies.

The platform has enrolled over 155,000 MSEs led by women entrepreneurs. It has provided support to over 22,290 startups in establishing their presence in the Indian marketplace as part of its initiatives to promote Make in India products, he said.

Prominent central public sector enterprises like Coal India Ltd, NTPC Ltd, Oil and Natural Gas Corp Ltd, and Bharat Petroleum Corp Ltd have actively utilized GeM for their service procurement requirements.

Besides, several states and union territories, including Gujarat, Uttar Pradesh, Delhi, Uttarakhand, and Punjab, have adopted GeM as their preferred platform for services procurement.

GeM has facilitated unique service orders, including the hiring of chartered aircraft, international air logistics services, drone-as-a-service, leasing of high-value medical equipment, market surveys, examinations, cybersecurity services, and the hiring of AV/VR services for events.

The ministry of defence, for instance, utilized GeM to hire 830 chartered aircraft for various routes, including Leh, Srinagar, and Andaman & Nicobar, with an order value of approximately 142 crore. Survey of India and Coal India employed GeM's drone as a service (DaaS) for surveying and aerial mapping.

The GeM has also started Startup Runway 2.0, where startups get an opportunity to showcase their innovative products and services to government buyers and engage in public procurement.

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Published: 29 Mar 2024, 02:52 PM IST
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