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In a remarkable achievement, Government e-Marketplace (GeM) has reached a significant milestone by surpassing Rs. 2 Lakh Crore in Gross Merchandise Value (GMV) within less than eight months of the current fiscal year, surpassing the total GMV inscribed at the end of last fiscal year (2022-23). The average GMV per day has also witnessed significant growth and reached more than Rs.850 crore per day in the current Financial Year.
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% of the total.
Also, the enthusiastic participation of State Governments, comprising the remaining 17%, 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.
This unparalleled collaboration between the Central and State entities exemplifies a harmonious synergy, propelling GeM to unprecedented heights of success.
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 3 years.
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 financial year.