Govt e-marketplace records 10 times growth in procurement in last 3 years: Goyal

New Delhi: Union commerce and industry minister Piyush Goyal on Tuesday said that there has been a staggering tenfold growth in procurement from the Government e-Marketplace (GeM) over the past three years.

Speaking at the 'Kreta-Vikreta Gaurav Samman Samaroh 2023' event, Goyal lauded the platform and its stakeholders for their remarkable contributions to this exponential surge.

The minister praised GeM for its transformative impact on the country's public procurement landscape, aligning with Prime Minister Narendra Modi's vision of establishing a unified, transparent, and efficient procurement system.

He expressed confidence that GeM's overall procurement for the fiscal year 2022-23 would exceed ₹3 trillion.

Goyal also unveiled plans for the future development of the GeM system, aiming to enhance its contemporary and modern features. The new system will leverage advanced data analytics to assist buyers and sellers in making informed procurement decisions. 

Tata Consultancy Services (TCS) has been awarded the contract to run and maintain the GeM portal.

Since its inception, GeM has revolutionized the government procurement process in India, providing a transparent, efficient, and cost-effective platform for buyers and sellers across the country.

GeM recorded a gross merchandise value (GMV) of ₹2 trillion in fiscal year 2022-23. Cumulative GMV since its launch, in August 2016, stands at over ₹4.29 trillion, with a staggering number of more than 1.54 crore transactions facilitated on the platform.

GeM currently caters to the diverse procurement needs of over 69,000 government buyer organizations, offering a wide range of products and services across over 11,800 product categories and 280 service categories. Notably, GeM has played a crucial role in saving approximately 10% of public funds, amounting to around ₹40,000 crore.

GeM serves as an online platform facilitating the purchase of goods and services by all central government ministries and departments. GeM boasts a vast network of over 63,000 government buyer organizations and more than 62 lakh sellers and service providers, offering a wide array of products and services.