Government e marketplace surpasses Rs.5 lakh crore GMV ahead of FY 2024-25 year-end

Government e marketplace surpasses Rs.5 lakh crore GMV ahead of FY 2024-25 year-end

The Government e-Marketplace (GeM) has reached a significant milestone by crossing Rs.5 lakh crore in Gross Merchandise Value (GMV), just weeks before the financial year 2024-25 concludes. This achievement underscores GeM’s rapid growth as a key platform for public procurement, benefiting over 1.6 lakh government entities across India.

According to a statement from the Ministry of Commerce & Industry on Monday, the platform’s growth has been particularly impressive, with the leap from Rs.4 lakh crore to Rs.5 lakh crore happening in under 50 days since January 23.

In recent months, GeM has implemented key policy reforms to increase market accessibility and support a wide range of sellers, including Micro and Small Enterprises (MSEs), startups, and women-led businesses. Changes such as the reduction in transaction charges, vendor assessment fees, and caution money requirements have made the platform more inclusive. By February 13, over 22 lakh sellers and service providers were registered on GeM, contributing to a vibrant and competitive procurement environment.

This year also marks the sixth anniversary of SWAYATT, an initiative promoting startups, women, and youth through digital transactions. As of mid-February, GeM had successfully onboarded more than 29,000 startups and 1.8 lakh Udyam-verified women-led businesses, furthering its mission of economic inclusivity.

Technological advancements have also played a pivotal role in boosting procurement efficiency. In FY 2024-25, GeM executed one of the largest cloud migrations by a government organization, enhancing scalability and improving the platform’s reliability. The integration of AI-powered search tools, through GeM AI, has further streamlined procurement by providing users with real-time data insights for informed decision-making.

GeM’s contributions to public savings have exceeded Rs.1,15,000 crore, with the platform’s registered buyers encompassing ministries, departments, public sector enterprises, and local bodies, facilitating digital procurement at all levels of governance.

As GeM continues its upward trajectory, it remains committed to fostering innovation, expanding inclusivity, and delivering value to government buyers and sellers alike, reinforcing India’s public procurement ecosystem and contributing to the country’s economic growth.