In a milestone achievement, Government e-Marketplace (GeM) has surpassed Rs 2 Lakh crore in Gross Merchandise Value (GMV) in the eight months of the current fiscal.

The average GMV per day has also witnessed significant growth and reached more than Rs 850 crore per day in the current Financial Year.

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Within the constellation of noteworthy contributors to this momentous GMV achievement in the current financial year, the substantial role played by Central entities, including Central Public Sector Enterprises (CPSEs), has been truly outstanding, constituting an overwhelming 83 per cent of the total, the Ministry of Finance said.

The GeM’s expansion into the services sector has played a pivotal role in driving its accelerated adoption. The increase in order value in the services segment has been the brightest chapter in GeM’s success story with exponential growth over the last three years.

The services sector has exhibited a staggering increase in the overall contribution to the total order value transacted through the platform, having jumped from 23% in FY 21-22 to nearly 46% in the current fiscal, the ministry said in a statement.

The GeM’s unprecedented growth can be attributed to its commitment to fostering efficiency and transparency in public procurement processes, enabling government agencies to access a wide range of products and services in a streamlined and cost-effective manner.

Nearly 49 per cent of the total order value transacted through the platform has been awarded to MSEs. In just seven months, over 45000 MSEs have registered as sellers/service providers registered on GeM.

The GeM milestone also showcased enthusiastic participation of State Governments, comprising the remaining 17 per cent, further underscores the nationwide embrace of GeM’s transformative impact on public procurement.

States like Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, Uttarakhand have placed significant amounts of procurement orders in the current financial year, the Finance Ministry said.

Cumulatively, GeM has surpassed the Rs 5.93 lakh crore GMV since inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.8 crore.

Government highlighted that GeM’s unwavering dedication to inclusivity and accessibility stands as a testament to its visionary approach.

The platform’s seamless integration with e-Gram Swaraj, aimed at streamlining Panchayat-level procurement, not only underscores its commitment but also showcases its unparalleled prowess in connecting with last-mile sellers while meticulously optimizing costs at the grassroots level of administration.

This remarkable endeavour elevates GeM’s impact, demonstrating its far-reaching influence on India’s procurement landscape.