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TMI BlogGeM crosses ₹ 4 Lakh Crore in GMV at the end of this Fiscal Year, doubles business in a yearX X X X Extracts X X X X X X X X Extracts X X X X ..... GeM crosses ₹ 4 Lakh Crore in GMV at the end of this Fiscal Year, doubles business in a year - News and Press Release Dated:- 29-3-2024 - News - GeM crosses ₹ 4 Lakh Crore in GMV at the end of this Fiscal Year, doubles business in a year - - - Dated:- 29-3-2024 - 205% surge in services procured from GeM 21 lakh sellers and service providers onboarded on GeM Government e Marketplace ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s closed this financial year with ₹ 4 lakh crore in Gross Merchandise value (GMV) - doubling its GMV clocked at the end of previous Fiscal Year. This testifies to the portal s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement. The procurement of Services through the GeM portal has proved to be a pivo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal force behind this staggering GMV. Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in terms of Services procured on GeM last FY. By creating access to market, GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving way for small domestic entrepreneurs to participate i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n government tenders from anywhere at any time. The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs. Increased engagement from States has also mobilized this phenomenal growth in GMV. In this FY, highest procuring State like Gujarat, Uttar Pradesh, and Delhi, have helped States well surpass the earmarked public procurement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... target of this year. The contribution made by central entities including Ministries and CPSEs has also greatly spurred the GMV. These Government organization have contributed to nearly 85 % of this ₹ 4 lakh crore milestone. Notably, Ministry of Coal, Ministry of Power and Ministry of Petroleum Natural Gas and their subsidiaries have emerged as the highest procuring entities at the central l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evel. GeM s vast network of 1.5 lakh+ Government buyers and 21 lakh sellers and service providers have been made this incredible feat possible. Through comprehensive onboarding of last-mile buyers and sellers GeM has fostered engagement at the grassroots level. By integrating 89421 Panchayats and 760+ Cooperatives withing its procurement Ecosystem, GeM has facilitated sustainable procurement while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensuring optimization in public spending at the very last level of administration. Through its inclusive initiatives like Vocal for Local , One District, One Product , Startup Runway , Womaniya etc., GeM has provided a level-playing field for domestic businesses to grow and thrive. Of the ₹ 4 lakh crore GMV, orders nearly 50 % have been awarded to marginalized seller segment such as Artisan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, weavers, craftsmen, MSEs, especially women-led and SC/STs, SHGs, FPOs and Startups. GeM s collaboration with 5.2 lakh+ CSCs and 1.5 lakh+ India Post offices has served a phenomenal force in maximising outreach and capacity-building at micro levels. Through supportive handholding at every step to help diverse sellers and service providers grow their business on GeM, the platform has given impetu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to hyper local economies across regions in India, resulting in job creation and greater incomes , said Shri PK Singh, CEO, GeM. Earlier this financial year, GeM tide up with a leading tech firm, Tata Consultancy Services, with a vision to create a more versatile and secure technological Infrastructure by adapting new-age technologies to further enhance user experience, improve transparency, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... induce greater inclusivity. The objective is to revamp, re-design and build a new modern solution leveraging new technologies, while maintaining the current platform. Its deep configurability will ease the onboarding of diverse buyer organizations and Sellers/ Service Providers with dynamic needs. Offering more than 12070+ product categories and 320+ service categories, GeM has become a one-stop s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hop for seamless public procurement, thereby opening up opportunities for sellers and service providers across the nation to showcase their Products and Services and to participate in government tenders in most transparent manner, promising them ease of doing business. The portal started its trailblazing journey to ₹ 4 lakh crore-landmark with ₹ 422 crore in GMV in 2016. Its achievemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts in an astonishing short period of have propelled it to ascend one of the foremost public procurement platforms globally. Committed to enhancing efficiency, transparency and inclusivity, GeM is disrupting the public procurement domain. - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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