Tradeindia Exim Newsletter | 02 April 2024
02, April 2024
GeM of a marketplace

Government e-Marketplace (GeM) has continued its glittering journey. Launched in 2016, this portal has transformed the way government ministries and departments procure goods and services, and according to a latest official release, the platform has achieved a new milestone by closing this financial year with a Gross Merchandise Value (GMV) of a staggering Rs 4 lakh crore from Rs 2 lakh crore in 2022-23.

This is encouraging. GeM has successfully onboarded lakhs of last mile sellers, not only benefitting MSMEs from across the country but also inspiring entrepreneurship at the grassroots level. A few years ago, it was a Herculean task for a small business to sell its products or services to government ministries and departments, but GeM has changed this scenario. At the same time, it has also brought transparency and optimization in the public procurement system.

According to latest figures, procurement of services grew by a whopping 205 percent in comparison to last financial year, with nearly 50 percent of GMV resulting from procurement of services. In 2016, the portal diversified its portfolio to include services as a separate segment and the latest figures show that service providers are no less benefitting from the platform. It also interesting to note that of the Rs 4 lakh crore GMV, nearly 50 percent orders have been awarded to the marginalized seller segment.

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