Government e-market place hits INR 8.57 lakh crore in GMV; Robust start in new fiscal
May 16, 2024
New Delhi [India], May 16 : The Gross Merchandise Value (GMV) for goods and Services on the Government e-marketplace (GeM) has surpassed Rs 8.57 lakh crore as of April 30, 2024. This is the highest ever number recorded since its inception.
The GeM is a government-promoted online platform for public procurement of goods and services in the country.
Launched on August 9, 2016, by the commerce ministry with the aim of creating an inclusive and transparent platform for buyers and sellers to carry out procurement.
GeM has marked a significant milestone, surpassing an impressive Rs 4 lakh crore in GMV during the financial year 2023-24. Now kicking off financial year 24-25, the platform has seen a robust start with GMV soaring to Rs 60,094 crore in the first month, according to the people familiar with the data discussed in an internal meeting in the commerce ministry.
As of April 30, 2024, the GMV of services has reached Rs 3.56 lakh crore since its inception. During the financial year 2023-24, the GMV of services was Rs 2.07 lakh crore. In just the first month of the financial year 2024-25, the contribution of Services in GeM GMV is Rs 46,460 crore, the sources said.
Over 9.26 lakh MSEs are registered on the GeM portal and have received orders worth more than Rs 4.01 lakh crore, which accounts for more than 46.93 per cent of GeM's cumulative orders on GMV, since inception.
Furthermore, 1.63 lakh MSEs led by women entrepreneurs are registered on GeM and have received over 9.20 lakh orders worth Rs 24,369 crore till April 30, 2024.
GeM has played a major role in supporting over 24,181 startups in establishing their presence in the Indian marketplace. These startups have successfully processed orders amounting to more than Rs 24,369 crore in GMV, sources added.
