Government e-marketplace (GeM) Achieves 30 Lakh Orders Worth Rs 1.91 Lakh Crore in FY24
GeM, India's public procurement platform, hits a milestone with 30.38 lakh orders valued at Rs 1.91 lakh crore in the current fiscal year. Explore the platform's growth, significant procurement, and plans for a new mobile-based lending platform.
The Government e-marketplace (GeM) has achieved a significant milestone in the current financial year, surpassing 30 lakh order volumes. According to the data available at the time of this report, GeM has successfully processed 30.38 lakh orders, with a total value of Rs 1.91 lakh crore in the current financial year. Notably, micro and small enterprise (MSME) sellers constitute 48.92 percent of the order value.
In comparison, GeM processed over 33.16 lakh orders with a gross merchandise value (GMV) of Rs 1.06 lakh crore in FY22. The platform demonstrated impressive growth in FY23, handling approximately 50.36 lakh orders valued at Rs 2 lakh crore, marking an 88 percent increase in GMV.
A significant development in the current fiscal year is NTPC's substantial procurement order worth Rs 13,868 crore, marking the most substantial bid awarded this fiscal year. The Ministry of Coal's procurement from the platform has seen exceptional growth, reaching Rs 28,665 crore as of October 15, a substantial increase from Rs 477 in FY21.
In FY23, the defense ministry was the top buyer of MSME goods from GeM, with purchases worth Rs 28,732.9 crore. In the first quarter of FY24, it continued its significant procurement, with goods and services valued at Rs 13,776 crore, as of July 31.
GeM's marketplace boasts 1.10 lakh primary buyers and 1.97 lakh secondary buyers, encompassing government ministries, public sector units, and departments. It covers a diverse array of 11,838 product categories and 311 services categories.
Moreover, the average GMV per day has surged from Rs 412 crore per day in FY23 to Rs 690 crore per day in FY24, signifying an increase in procurement, as of the end of September 2023.
Excitingly, GeM is poised to introduce its mobile-based lending platform, GeM Sahay 2.0, designed to offer collateral-free loans of up to Rs 10 lakh to GeM sellers. CEO Prashant Kumar Singh recently shared this development, reported by FE Aspire.
What's Your Reaction?
