The Government e-Marketplace (GeM) has achieved a significant milestone by processing over 30 lakh orders in the current fiscal year. According to data available, as of now, GeM has processed 30.38 lakh orders amounting to Rs 1.91 lakh crore in the ongoing financial year. Notably, nearly 49% of the order value on the platform is attributed to micro and small enterprise sellers.
Rapid Growth and Impressive Figures
GeM has demonstrated remarkable growth, outperforming its own records in the past two financial years. In FY22, it processed over 33.16 lakh orders with a Gross Merchandise Value (GMV) of Rs 1.06 lakh crore. The platform’s performance further excelled in FY23, handling around 50.36 lakh orders valued at Rs 2 lakh crore, signifying an 88% growth in GMV.
Notable Procurements and Buyer Activity
In a recent development, NTPC, the National Thermal Power Corporation, placed a substantial procurement order worth Rs 13,868 crore, marking one of the largest bids awarded in the current fiscal year. The Ministry of Coal’s procurement from the platform has seen substantial growth, reaching Rs 28,665 crore as of October 15 in the current fiscal year. This marks a remarkable increase from Rs 477 in FY21.
The defense ministry emerged as the top buyer of goods from Micro, Small, and Medium Enterprises (MSMEs) on GeM in FY23, with purchases amounting to Rs 28,732.9 crore. The ministry continued to be one of the leading buyers in the first quarter of FY24, with procurement worth Rs 13,776 crore as of July 31.
Impressive Ecosystem
GeM currently hosts 1.10 lakh primary and 1.97 lakh secondary buyers on the platform, including government ministries, public sector units, and departments. The marketplace offers access to an extensive range of 11,838 product categories and 311 services categories.
Mobile-based Lending Platform
GeM is set to launch GeM Sahay 2.0, a mobile-based lending platform that will offer collateral-free loans of up to Rs 10 lakh to GeM sellers. This initiative aims to further support and empower sellers within the GeM ecosystem, fostering greater participation and growth.
The platform’s average GMV per day has shown substantial growth, increasing from Rs 412 crore per day in FY23 to Rs 690 crore per day as of the end of September 2023, indicating an upsurge in procurement activities.
GeM’s continued success is indicative of its role in streamlining government procurement processes and promoting transparency and efficiency in public procurement.
