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TMI BlogGeM records 3 Lakh Crore in GMV within 11 months of this fiscal year; breaks all recordsX X X X Extracts X X X X X X X X Extracts X X X X ..... GeM records 3 Lakh Crore in GMV within 11 months of this fiscal year; breaks all records - News and Press Release Dated:- 12-2-2024 - News - GeM records 3 Lakh Crore in GMV within 11 months of this fiscal year; breaks all records - - - Dated:- 12-2-2024 - GeM order value from States rise 56% to Rs 49,302 cr in FY 23-24 392 new categories created under One District One Product , improves v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isibility of arts and crafts products With fourth quarter of this financial year still awaiting its end, the integrated digital platform has recorded a Gross Merchandise Value of Rs 3 lakh crore, significantly surpassing the total GMV recorded at the end of the previous fiscal year i.e. Rs 2 lakh crore. A pioneer in public procurement, Government eMarketplace has once again made history by ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hieving an impressive milestone. Furthermore, there has been a notable increase in the daily average GMV transaction value during this period, rising from Rs 504 crore in FY 22-23 to Rs 914 crore as of February 12, 2024. GeM, a pioneer in public procurement, was conceptualised under the visionary leadership of our Prime Minister Shri Narendra Modi with a mission to foster 'Minimum Govern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, Maximum Governance' through digital platforms. Since its inception in 2016, GeM has revolutionised the landscape of public procurement, providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/State Ministries, Departments, Public Sector Undertakings, Panchayats and Cooperatives. As of February 12, 2024, GeM directly links over 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lakh sellers and service providers across the country with more than 3 lakh Government buyers (primary as well as secondary buyers). By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption and bribery in government spending, thereby inculcating greater transparency in public finances. The platform currently show ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cases more than 12,200+ Products and services categories with offerings covering all complex and dynamic requirements of government buyers across the country. In particular, the services segment on GeM has experienced an unprecedented surge, proving to be a pivotal force behind GeM s success and its exponential growth. Over the past 3 years, GeM has strategically expanded its services bouquet, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resulting in a remarkable increase in services procurement from approximately Rs 66,000 crore in FY 22-23 to Rs 1,30,984 crore in FY 23-24 (As of February 12, 2024). Notably, the services sector's contribution to GeM's GMV has surged by 98% from last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year. In this financial year, concerted e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fforts were made to reach out to various government bodies and maximise their participation in public procurement processes through GeM. While central entities have contributed to 82% of the current GMV, increased engagement from States has propelled the platform's growth. States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56% increase compared to the corres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ponding period in the previous fiscal year. This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Delhi, in the platform s capabilities to achieve cost-efficiency in their public procurement. These states have emerged as the top procurers on the platform, in terms of order value, during this period. Furthermore, last year, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GeM initiated a comprehensive onboarding drive to register Panchayati Raj institutions and Cooperatives as buyers, acknowledging them as crucial stakeholders within its expansive network. Through integration with e-Gram Swaraj, GeM fostered engagement with buyers and sellers at the grassroots level, resulting in transactions worth Rs 265 crore carried out by 70,000 + Panchayats and 660+ Cooperativ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, till now. Their active participation on GeM is a testimony to the ease of conducting business, ensured through a unified digital ecosystem that can be accessed from anytime, anywhere. GeM's inclusive approach is a key driver in its success, catering to marginalized seller segments such as artisans, weavers, craftsmen, MSEs, especially women-led and SC/ST MSEs, SHGs, FPOs, and startups. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Policies aimed at fostering diversity and inclusivity have provided a level playing field for domestic businesses, with nearly 50% of the total order value transacted through the platform being awarded to MSEs. Since inception, GeM has facilitated approximately Rs 3.27 lakh crore of business to MSEs. Of this, orders worth Rs 22,200 crore, have been fulfilled by women-led MSEs alone. Additionally, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 392 new categories have been created under the One District, One Product marketplace, enhancing visibility for listed products and providing India s arts and crafts greater recognition at a nation-wide stage. By extending right capabilities, capacities and functionalities, the portal has aided the government in substantially raising its welfare expenditure without compromising nation s fiscal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... health. In a short span, GeM has successfully established an infrastructure that not only captures data but also facilitates end-to-end activities of public procurement processes for all stakeholders. GeM's continued success underscores its crucial role in revolutionizing public procurement, driving transparency, efficiency, and inclusivity in India s public procurement domain. *** A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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