Government e Marketplace (GeM) has closed the financial year 2023-24 with Rs 4 lakh crore in Gross Merchandise Value (GMV), the Commerce & Industry Ministry said on Friday.

Notably, the GMV is double to what was clocked at the end of previous Fiscal Year.

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This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement, the ministry said.

It highlighted that the procurement of Services through the GeM portal has proved to be a pivotal force behind this staggering GMV.

“Nearly 50 per cent of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205 per cent in terms of Services procured on GeM last FY,” the ministry said in a statement.

Increased engagement from States has also mobilised this phenomenal growth in GMV.

The ministry highlighted that in this Financial Year, the highest procuring State like Gujarat, Uttar Pradesh, and Delhi, have helped States well surpass the earmarked public procurement target of this year.

The contribution made by central entities including Ministries and CPSEs has also greatly spurred the GMV.

The Government organizations have contributed to nearly 85 per cent of this Rs 4 lakh crore milestone.

Notably, the 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 level.

By creating access to the market, GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving the way for small domestic entrepreneurs to participate in government tenders from anywhere at any time, the ministry said.

The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.

Speaking on the development, GeM CEO PK Singh 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 marginalised seller segments such as Artisans, weavers, craftsmen, MSEs, especially women-led and SC/STs, SHGs, FPOs and Startups.”

“GeM’s collaboration with more than 5.2 lakh Common Service Centers (CSCs) and more than 1.5 lakh India Post offices has served a phenomenal force in maximising outreach and capacity-building at micro levels. Through supportive hand holding 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,” he added.

In the beginning of the fiscal, the GeM tied up with Tata Consultancy Services (TCS) 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 induce greater inclusivity.

The portal started its trailblazing journey to Rs 4 lakh crore-landmark with Rs 422 crore in GMV in 2016.