Government e-Marketplace exceeds Rs 1 lakh crore Gross Merchandise Value in record 145 days

Government e-Marketplace exceeds Rs 1 lakh crore Gross Merchandise Value in record 145 days

The Government e-Marketplace (GeM) has achieved a significant milestone by crossing Rs 1 lakh crore in Gross Merchandise Value (GMV) in an impressive span of 145 days during the fiscal year 2023-24. This remarkable accomplishment showcases GeM’s dedication to transforming government procurement processes and reflects a substantial improvement compared to the previous year’s timeline, where this GMV milestone was reached in 243 days.

GeM, a digital platform established by the Ministry of Commerce and Industry, has emerged as a pivotal instrument in revolutionizing the way the government procures goods and services. The platform’s success in rapidly achieving this GMV landmark highlights the increasing acceptance and adoption of digital solutions within government operations.

The swiftness with which GeM achieved this milestone emphasizes its role in streamlining procurement processes, enhancing efficiency, and promoting transparency in government transactions. By leveraging technology to facilitate transactions between government buyers and sellers, GeM has demonstrated its potential to drive significant improvements in procurement timelines and overall operational effectiveness.

This achievement aligns with broader efforts by governments worldwide to harness the power of digital platforms and technology to modernize administrative processes, improve governance, and enhance public service delivery. It also reflects the commitment of GeM and the Ministry of Commerce and Industry to continuously innovate and evolve to meet the demands of a rapidly changing business landscape.

In conclusion, the Government e-Marketplace’s rapid crossing of Rs 1 lakh crore in Gross Merchandise Value (GMV) underscores the platform’s success in transforming government procurement. This accomplishment serves as a testament to the positive impact of digital platforms on administrative efficiency, transparency, and effectiveness, and it reinforces the potential of technology to drive positive change in government operations.

In addition to achieving the remarkable milestone of crossing Rs 1 lakh crore in Gross Merchandise Value (GMV) within 145 days in the fiscal year 2023-24, the Government e-Marketplace (GeM) has also witnessed substantial growth in its average GMV per day. This average has surged from Rs 412 crore per day in the previous fiscal year (FY 22-23) to an impressive Rs 690 crore per day in FY 23-24, as highlighted in the statement.

The accelerated pace of GMV growth per day signifies the increasing adoption of GeM by government departments, agencies, and public sector undertakings. This growth is indicative of the platform’s efficiency in facilitating procurement processes, streamlining transactions, and optimizing the purchase of goods and services for various government entities.

Launched in August 2016 as part of the government’s ambitious Digital India initiative, GeM serves as an online public procurement portal. Its primary goal is to simplify and modernize government procurement by providing a digital platform that connects buyers and sellers. By leveraging technology, GeM aims to enhance transparency, efficiency, and competitiveness in government procurement processes.

The substantial increase in the average GMV per day signifies GeM’s successful contribution to transforming the traditional procurement landscape in India. As the platform continues to evolve, it not only plays a crucial role in advancing the government’s digital agenda but also serves as a model for other countries seeking to leverage technology for efficient public procurement.

In conclusion, GeM’s achievement of higher average GMV per day and its rapid growth in GMV are clear indicators of its effectiveness in modernizing government procurement. The platform’s role in driving digital transformation and its positive impact on procurement processes highlight its significance in the broader context of promoting transparency, efficiency, and innovation within government operations.

Since its launch in 2016, the Government e-Marketplace (GeM) has achieved a significant cumulative Gross Merchandise Value (GMV) of over Rs 4.91 lakh crore. This substantial milestone underscores GeM’s enduring impact in revolutionizing government procurement processes and streamlining transactions between buyers and sellers. Over the years, GeM has evolved into a critical digital platform that is transforming how goods and services are procured across various government entities.

In terms of volume, GeM has facilitated over 1.67 crore orders on its platform, showcasing its growing adoption and usage among government departments, agencies, and public sector undertakings. This impressive number reflects the platform’s role in facilitating a high volume of transactions and the growing confidence of buyers and sellers in its capabilities.

The success of GeM has been driven by a collaborative effort from different segments of the government. The Ministry highlighted that Central Public Sector Enterprises (CPSEs), Central Ministries, and State Governments have collectively played pivotal roles in contributing to GeM’s achievements. The contribution distribution is noteworthy, with CPSEs contributing 54 percent, Central Ministries accounting for 26 percent, and State Governments contributing 20 percent to the cumulative GMV.

This balanced contribution underscores GeM’s broad-based impact, reaching across various tiers of government and fostering collaboration among different stakeholders. It also highlights the platform’s ability to cater to the diverse needs and requirements of different government entities, effectively centralizing procurement processes while accommodating the specific demands of various departments and levels of governance.

In conclusion, GeM’s cumulative GMV of over Rs 4.91 lakh crore and its facilitation of more than 1.67 crore orders since its launch in 2016 stand as a testament to its transformational impact on government procurement. The distribution of contributions among CPSEs, Central Ministries, and State Governments underscores the platform’s ability to unite and serve various tiers of government in a collaborative and efficient manner. GeM’s achievements validate its significance in fostering transparency, efficiency, and innovation within the realm of government procurement.

The Ministry further emphasized that GeM’s remarkable accomplishment of achieving the INR 1 lakh crore Gross Merchandise Value (GMV) milestone within an accelerated timeframe not only underscores its impressive growth trajectory but also solidifies its pivotal role in revolutionizing government procurement practices within the country. GeM’s rapid progress signifies its position as a central force driving the transformation of how government entities procure goods and services, showcasing its pivotal role in modernizing administrative processes.

Looking ahead to the fiscal year 2023-24, GeM is directing its efforts towards broadening its impact by integrating government buyers across all tiers into its robust e-procurement infrastructure. This strategic focus aligns with GeM’s overarching goal of inclusivity and efficiency, ensuring that its benefits are extended to all levels of government, ultimately contributing to a more unified and streamlined procurement landscape.

The achievement of a GMV of Rs 2 lakh crore in FY 23 lays a strong foundation for this year’s remarkable milestone. This impressive feat, achieved in the preceding fiscal year, reflects the portal’s growing acceptance and adoption. GeM’s success is attributed to its diverse range of service offerings, which have been pivotal in attracting and retaining users, ensuring its position as a go-to platform for government procurement.

In conclusion, GeM’s swift progress in reaching the INR 1 lakh crore GMV milestone is a testament to its accelerating growth and its role in transforming government procurement practices. The platform’s strategic focus on expanding its reach and integrating buyers across all government tiers underscores its commitment to inclusivity and efficiency. With a solid foundation from the previous fiscal year, GeM’s achievements underscore its ongoing impact in fostering innovation, transparency, and efficiency in government procurement processes.