GeM surpasses Rs 8.88 lakh cr in record Gross Merchandise Volume

In a robust start to the financial year 2024-25, GeM has recorded a GMV of Rs 91,749 crore in just the first two months, setting the stage for another year.


ANI | Updated: 14-06-2024 16:27 IST | Created: 14-06-2024 16:27 IST
GeM surpasses Rs 8.88 lakh cr in record Gross Merchandise Volume
Government e-Marketplace logo. Image Credit: ANI
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The Government e-Marketplace (GeM) has reached a milestone with its Gross Merchandise Volume (GMV) for goods and services surpassing an impressive Rs 8.88 lakh crore as of May 31. This achievement underscores the platform's pivotal role in transforming public procurement in India since its inception in August 2016.

In a robust start to the financial year 2024-25, GeM has recorded a GMV of Rs 91,749 crore in just the first two months, setting the stage for another year. This surge follows a highly successful previous financial year where GeM crossed INR 4 lakh crore in GMV, demonstrating the platform's accelerating growth trajectory.

Services have played a crucial role in this growth, with their GMV reaching INR 3.73 lakh crore by the end of May 2024. The first two months of FY 2024-25 alone saw services contribute Rs 64,146 crore to GeM's total GMV.

This marks a significant increase from the previous year's total, highlighting the expanding scope and impact of service procurement on the platform. A cornerstone of GeM's success is its commitment to inclusivity, particularly in supporting micro and small enterprises (MSEs).

Over 9.35 lakh MSEs are now registered on the platform, having received orders worth more than Rs 4.12 lakh crore, which accounts for 46.53 per cent of GeM's cumulative GMV. This substantial participation underscores the platform's effectiveness in empowering small businesses and integrating them into the national procurement ecosystem.

Women entrepreneurs have also made significant strides in GeM. As of May 31, 2024, 1.59 lakh women-led MSEs have fulfilled more than 14.74 lakh orders valued at Rs 33,481 crore. This milestone reflects GeM's ongoing efforts to foster gender inclusivity and support women entrepreneurs in the public procurement landscape.

GeM has been a crucial driver of the "Make in India" initiative, playing a significant role in nurturing start-ups and facilitating their entry into the Indian marketplace. The platform has supported over 24,678 start-ups, which have collectively processed orders amounting to more than Rs 25,420 crore in GMV.

This initiative not only promotes local manufacturing but also enhances the global competitiveness of Indian businesses. As of April 30, 2024, the Government e-Marketplace (GeM) achieved an all-time high in Gross Merchandise Value (GMV) for goods and services, surpassing Rs 8.57 lakh crore. This represents the highest GMV since the platform's launch. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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