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Government e Marketplace (GeM) Achieves ₹4 Lakh Crore GMV, Plans Expansion

The Government e Marketplace (GeM) has witnessed a remarkable growth, doubling its Gross Merchandise Value (GMV) to ₹4-lakh crore in fiscal year 2023-24. CEO P K Singh announced plans for potential expansion, including opening the portal for consumer use and enhancing its services.

Government e-Marketplace (GeM) Achieves ₹4 Lakh Crore GMV: Key Highlights

1. GMV Milestone and Business Growth:

  • GeM’s GMV reaches ₹4-lakh crore, doubling from the previous fiscal year.
  • Procurement of services surges by 205% in FY24, contributing significantly to the total GMV.
  • Nearly 50% of the total GMV is attributed to service procurement.

2. Expansion Plans and Consumer Pilot:

  • Contemplation to open GeM portal for consumer use, pending necessary approvals.
  • Plans for a small-scale pilot project in the upcoming year to gauge feasibility.

3. Current Ecosystem and Partnerships:

  • GeM caters to over 1.5 lakh government buyers and 21 lakh sellers and service providers.
  • Integration of 89,421 panchayats and 760+ cooperatives into the procurement ecosystem.
  • At present, accessible to Central and State government ministries, departments, and various public sector entities.

4. Diverse Offerings and Services:

  • GeM offers a wide array of products and services, from office stationery to defense equipment.
  • Noteworthy examples include assembly of BrahMos missiles and diverse defense procurements.
  • Services span transportation, logistics, waste management, and more.

5. International Recognition and Expansion Plans:

  • Interest from countries in Africa, South East Asia, and India’s neighborhood to adopt GeM’s model.
  • Potential consultancy services or setting up similar platforms in other nations.

6. Future Vision and Enhancements:

  • Plans to develop GeM as a unified procurement portal akin to models in Singapore or Korea.
  • Proposal to include works contracts on the platform, aiming for significant impact.

7. Election-Related Initiatives:

  • Introduction of a dedicated page for election-related goods and services, including catering and webcasting.
  • States like Uttar Pradesh have utilized the platform substantially during elections.

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