The Government e-Marketplace (GeM) has achieved a significant milestone by surpassing the order volume of the previous fiscal year (FY23) in the current financial year. As of Tuesday, GeM has processed 50.60 lakh orders, exceeding the FY23 volume of 50.36 lakh orders. Notably, 49.6% of the total order value belongs to micro and small enterprises (MSMEs), showcasing their increased participation in government procurement.
The order value for goods in FY23 was Rs 2.01 lakh crore, whereas the current fiscal has already seen orders worth Rs 3.43 lakh crore processed, marking a remarkable 70% growth. GeM CEO PK Singh anticipates MSMEs to contribute over USD 20 billion in goods and services by the fiscal year-end.
Since its inception in 2016, GeM has witnessed a substantial increase in procurement from MSMEs, with 50% of the total goods and services sourced from them. The portal, boasting 1.45 lakh primary buyers and 2.13 lakh secondary buyers, covers nearly 12,000 product categories and 320 service categories.
The Defence Ministry stands out as a leading procurer through GeM, surpassing Rs 1 lakh crore in gross merchandise value (GMV) for the current fiscal year. As of February 13, the ministry has placed orders worth around Rs 46,000 crore, reflecting significant growth compared to FY23 and FY22.
This success underscores GeM’s pivotal role in facilitating transparent and efficient public procurement while fostering the growth of MSMEs in India.
