New Delhi [India], February 13 (ANI): With the fourth quarter of this financial year still awaiting its end, the integrated digital platform has recorded a Gross Merchandise Value of Rs 3 lakh crore, significantly surpassing the total merchandise value it recorded at the end of the previous fiscal year -- Rs 2 lakh crore.
Furthermore, there has been a notable increase in the daily average GMV transaction value during this period, rising from Rs 504 crore in fiscal 2022-23 to Rs 914 crore as of February 12, 2024.
GeM, a pioneer in public procurement, was conceptualised under the leadership of Prime Minister Narendra Modi with a mission to foster 'Minimum Government, Maximum Governance' through digital platforms.
Since its inception in 2016, GeM has revolutionised the landscape of public procurement, providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/State Ministries, Departments, Public Sector Undertakings, Panchayats and Cooperatives.
As of now, GeM directly linked over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers (primary as well as secondary buyers).
By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption and bribery in government spending, thereby inculcating greater transparency in public finances.
The platform currently showcases more than 12,200+ Products and services categories with offerings covering all complex and dynamic requirements of government buyers across the country.
In particular, the services segment on GeM has experienced an unprecedented surge, proving to be a pivotal force behind GeM's success and its exponential growth.
Over the past three years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement - from approximately Rs 66,000 crore in 2022-23 to Rs 130,984 crore in 2023-24.
Notably, the services sector's contribution to GeM's gross merchandise value has surged by 98 per cent from last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year.
While central entities have contributed to 82 per cent of the current GMV, increased engagement from States has propelled the platform's growth.
States have cumulatively placed orders worth Rs 49,302 crore in 2023-24, reflecting a 56 per cent increase compared to the corresponding period in the previous fiscal year.
"This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Delhi, in the platform's capabilities to achieve cost-efficiency in their public procurement. These states have emerged as the top procurers on the platform, in terms of order value, during this period," the commerce ministry said.
Furthermore, last year, GeM initiated a comprehensive onboarding drive to register Panchayati Raj institutions and Cooperatives as buyers, acknowledging them as crucial stakeholders within its expansive network.
Through integration with e-Gram Swaraj, GeM fostered engagement with buyers and sellers at the grassroots level, resulting in transactions worth Rs 265 crore carried out by 70,000 + Panchayats and 660+ Cooperatives, till now. (ANI)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)