New Delhi [India], March 29 : Government e-Marketplace (GeM) has closed the current fiscal year on a high note, crossing the milestone of Rs 4 lakh crore in Gross Merchandise Value (GMV).
According to a press release by the Ministry Commerce and Industry, this achievement marks a doubling of GMV compared to the previous fiscal year, highlighting the platform's exponential growth and robust digital infrastructure facilitating seamless public procurement.
The surge in GMV can be attributed to the substantial increase in the procurement of services through the GeM portal, which witnessed a staggering 205 per cent growth compared to the previous fiscal year.
This surge underscores the platform's pivotal role in breaking down barriers for small domestic entrepreneurs to participate in government tenders, effectively democratising public procurement, according to the release.
Key contributors to this exceptional growth include increased engagement from states such as Gujarat, Uttar Pradesh, and Delhi, which surpassed the earmarked public procurement targets for the year.
Additionally, central entities, including ministries and Central Public Sector Enterprises (CPSEs) have significantly contributed to nearly 85 per cent of the Rs 4 lakh crore milestone.
The expansive network of stakeholders on GeM, comprising over 1.5 lakh government buyers and 21 lakh sellers and service providers, has been instrumental in achieving this feat.
By integrating thousands of panchayats and cooperatives within its procurement ecosystem, GeM has facilitated sustainable procurement practices while optimising public spending at the grassroots level.
Commenting on the achievement, PK Singh, CEO of GeM, emphasised the platform's commitment to enhancing efficiency, transparency, and inclusivity in public procurement.
He highlighted GeM's collaboration with over 5.2 lakh Common Service Centres (CSCs) and 1.5 lakh India Post offices, which has played a significant role in expanding outreach and capacity-building at the grassroots level.
PK Singh, CEO, GeM said, "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 Rs 4 lakh crore GMV, orders nearly 50 per cent have been awarded to marginalized seller segment such as Artisans, weavers, craftsmen, MSEs, especially women-led and SC/STs, SHGs, FPOs and Startups."
He added, "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 impetus to hyper local economies across regions in India, resulting in job creation and greater incomes."
In a bid to further enhance its technological infrastructure, GeM recently partnered with Tata Consultancy Services (TCS) to revamp and redesign its platform, leveraging new-age technologies to improve user experience, transparency, and inclusivity.
The platform's deep configurability aims to streamline the onboarding process for diverse buyer organisations and sellers/service providers with dynamic needs.
With over 12,070 product categories and 320+ service categories, GeM has emerged as a one-stop solution for seamless public procurement, offering sellers and service providers across the nation an opportunity to showcase their products and services transparently.
GeM's journey from Rs 422 crore in GMV in 2016 to the Rs 4 lakh crore milestone underscores its transformation into one of the foremost public procurement platforms globally, disrupting the domain with its efficiency, transparency, and inclusivity, the release said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor