GeM Set to Become World’s Largest Government Procurement Platform

With procurement on the Government e-Market (GeM) portal surpassing Rs 1.24 lakh crore in the first quarter of 2024-25, it is poised to become the world's largest such platform by the end of the fiscal year. The portal, launched in 2016, has seen significant growth, particularly in the services segment.

With the procurement of goods and services through the government's portal GeM crossing Rs 1.24 lakh crore in the first quarter of 2024-25, the platform is set to become the world's largest by the end of this fiscal year, a senior official announced on Thursday.

The Government e-Market (GeM) portal was initiated on August 9, 2016, for online purchases by central government ministries and departments. GeM has recorded a gross merchandise value of Rs 1,24,761 crore at the end of the first quarter, representing a 136 percent increase from last year's Rs 52,670 crore, said GeM CEO Prashant Kumar Singh.

'At this pace, GeM will become the world's largest platform,' Singh stated, noting that South Korea's KONEPS currently holds the top spot, followed by Singapore's GeBIZ. Procurement by central ministries, including CPSEs, has surpassed Rs 1 lakh crore, with coal, defence, and petroleum ministries emerging as top procurers.

(With inputs from agencies.)