Government e-Marketplace (GeM) Surpasses Rs 2 Lakh Crore in Procurement

• ByStartupStory     |    November 14, 2023

The government’s online procurement portal, Government e-Marketplace (GeM), has achieved a significant milestone by crossing Rs 2 lakh crore in procurement of goods and services in the current fiscal year. Launched on August 9, 2016, GeM facilitates online purchases for all central government ministries and departments.

Commerce and Industry Minister Piyush Goyal took to the social media platform X to announce the achievement, stating, “Gem of a landmark! Government e-Marketplace achieves an impressive Rs 2 lakh crore gross merchandise value in just eight months of 2023-24.”

In the previous fiscal year 2021-22, the procurement value on GeM reached Rs 1.06 lakh crore. The portal surpassed Rs 2 lakh crore in the last fiscal year, and the ongoing trend suggests a potential crossing of Rs 3 lakh crore this year.

GeM boasts a substantial user base, with over 63,000 government buyer organizations and more than 62 lakh sellers and service providers offering a diverse range of products and services. Various entities, including government departments, ministries, public sector units, state governments, and central armed police forces, are permitted to conduct transactions through this centralized portal.

The platform features an extensive array of products, ranging from office stationery to vehicles, with major product categories including automobiles, computers, and office furniture. GeM also lists a variety of services such as transportation, logistics, waste management, webcasting, and analytical services.

While South Korea’s KONEPS holds the title of the world’s largest procurement platform, GeM currently holds the third position globally, following Singapore’s GeBIZ. As GeM continues to play a pivotal role in streamlining government procurement processes, its rapid growth underscores its significance in the digital transformation of public procurement in India.

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