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TMI BlogGeM becomes one of the largest public procurement portal both in transaction value and breadth of the buyer-seller ecosystemX X X X Extracts X X X X X X X X Extracts X X X X ..... GeM becomes one of the largest public procurement portal both in transaction value and breadth of the buyer-seller ecosystem - News and Press Release Dated:- 10-8-2023 - News - As Government e-Marketplace (GeM) commemorates its 7th Foundation Day, it stands tall as a beacon of progress in India's public procurement landscape. GeM has consistently demonstrated an unwavering commitment to fost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ering positive change, and its journey over the past seven years has been marked by remarkable achievements that have propelled it to become one of the largest public procurement portal in terms of both transaction value and the breadth of the buyer-seller ecosystem. In an astonishingly short span of time, GeM has surpassed the achievements of renowned public procurement platforms such as South ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Korea's KONEPS and Singapore's GeBIZ. This year, in particular, has witnessed monumental growth for GeM, achieving a milestone of INR 2 lakh crore in Gross Merchandise Value (GMV) for the fiscal year 2022-23, representing a doubling of growth within a single year. GeM's expansion into the services sector has played a pivotal role in driving its accelerated adoption. Presently, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... platform boasts an impressive catalogue of over 2.75 lakh services spanning across more than 280 categories, complemented by more than 34 lakh products. This comprehensive offering positions GeM as the one-stop solution for all products and services required by government departments across the nation. The portal's strategic expansion has led to a substantial increase in orders placed by va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rious State Governments and related entities. The engagement has been very promising with States transacting order value of approximately INR 42,000 crore in FY 22-23, an increase of approx. 35% over transacted value in FY 21-22. GeM's success extends to its presence at the grassroots level, as demonstrated by its integrated portal facilitating procurements by Panchayats. Additionally, the pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tform's inclusion of cooperatives and engagement with public sector banks for services such as system integration and core banking solutions underscores its commitment to inclusive growth. Central buyers, including CPSEs and allied bodies, have floated over 70 bids worth over INR 100 crore on GeM in the fiscal year 2022-23. A historic milestone was achieved in February 2023 when NTPC Limite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d placed an order valued at over INR 20,000 Crore the largest in GeM's history. Notably, the platform also played a vital role in the procurement of vaccines under the Universal Immunisation Programme of the Department of Health and Family Welfare. GeM's collaborations with more than 20 industry associations have been instrumental in fostering support for local Micro and Small Enterpr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ises (MSEs) and small industries. With nearly 6.5 million sellers and 70,000 government buyers registered on the platform as of July 2023, the cumulative GMV surpassed INR 4.5 lakh crore, showcasing the platform's enduring impact. A hallmark of GeM's success lies in its dedication to cost savings, having enabled the government to save over ₹45,000 crore since 2016. According to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Economic Survey 2021-22, GeM's prices were 9.5% lower than other online platforms for 10 out of 22 commodities. GeM's transformative journey is a testament to transparency, efficiency, and inclusivity driven by cutting-edge technology and innovation. Looking ahead, GeM is committed to maximizing its reach at the federal level while crafting tailored processes and policies to enhance p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ublic savings. GeM continues to pioneer an era of change, propelling India's public procurement sector towards greater heights of success and prosperity. About GeM Government e-Marketplace (GeM) is India's online marketplace for public procurement. Launched in 2016, GeM facilitates transparent and efficient procurement for government departments, organizations, and PSUs. With a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vast array of products and services, GeM is transforming the landscape of public procurement in India. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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