CHENNAI: The procurement of goods and services through Government-e-Marketplace (GeM) platform has doubled in the current 2023-24 financial year till March 28, 2024 as against last fiscal by crossing Rs 4 lakh crore in gross merchandise value (GMV).
The portal was started in 2016 for transparent procurement of goods and services for the government departments and various ministries from small-scale sellers such as women self-help groups, start-ups and MSMEs. In 2016, merchandise value in the portal stood at Rs 422 crore and in 2021-22 it stood at Rs 1.06 lakh crore. The transaction was at Rs 2 lakh crore in FY23.
Nearly 50% of this GMV till March 2024 has been attributed to the procurement of services, registering a 205% growth when compared to last year. GeM chief executive officer PK Singh said procurement of services from the portal has jumped from Rs 66,000 crore in FY23 to Rs 2.05 lakh crore so far this fiscal. Goods worth Rs 1.95 lakh crore have been bought from the platform. Automobiles, computers and office furniture are some of the major product categories.
“GeM has been successful in breaking down the cartel of established service providers, paving way for small domestic entrepreneurs to participate in government tenders at any time,” a commerce ministry statement said on Friday.