GeM sets new benchmark, crosses Rs 4 lakh crore GMV within 10 months of FY25
The Government e Marketplace (GeM) has surpassed the last years' historic high Gross Merchandise Value (GMV) of Rs 4 lakh crore within 10 months of the current Fiscal Year 2024-25, Ministry of Commerce and Industry said in a statement Friday.
ANI
Jan 24, 2025 23:24 IST
New Delhi [India], January 24 (ANI): The Government e Marketplace (GeM) has surpassed the last years' historic high Gross Merchandise Value (GMV) of Rs 4 lakh crore within 10 months of the current Fiscal Year 2024-25, Ministry of Commerce and Industry said in a statement Friday.
As on January 23, 2025, GeM has clocked a GMV of Rs 4.09 Lakh Crore, which marks a growth of nearly 50 per cent over the corresponding period last year, the ministry said.
In terms of segment-wise GMV, the services segment accounted for Rs 2.54 Lakh Crore (62 per cent of the total GMV), whereas product segment accounted for Rs 1.55 Lakh Crore (38 per cent of the total GMV).
The swift growth of the services segment on GeM in 202424-25 has significantly fuelled the portal's upward growth trajectory.
With an emphasis on expansion of bouquet of services offerings on GeM, 19 new service categories have been introduced on the portal in 2024-25.
Remarkably, services segment has grown by almost 100 per cent in comparison to the corresponding period in previous financial year.
By facilitating procurement of specialised services like printing of debit cards, bulk email services, dark fibre leasing, operations management of data centres and more, the platform has enabled government entities to source from reliable vendors resulting in significant efficiency gains.
Central government entities have been the key contributors to the marked increase in GeM GMV in this financial year.
The ministries of Coal, Defence, Petroleum and Natural Gas, Power and Steel were the top five procurers on GeM.
With transacted order value of nearly Rs 1.63 Lakh Crore, the Ministry of Coal has emerged as the top procurer, with more than 320 high-value bids, worth approximately Rs 42,000 Crore, placed for Handling and Transport Services by Coal PSUs.
GeM has emerged as a trusted platform not only for procurement of everyday essentials like ration, stationery office equipment etc., but also very high end and complex items such as advanced technology systems, missile components etc.
Through continuous simplification and reforms, GeM portal has successfully facilitated over 2.59 Crore orders with a GMV of more than Rs 11.64 Lakh Crore since inception.
During the current financial year, GeM also registered another historic feat by processing 49,960 orders in a single day, exemplifying the seamless efficiency and robustness of the GeM ecosystem and its rapid adoption by all stakeholders.
GeM portal's ability to streamline complex procurement processes, alongside its ability to handle high-volume transactions, has cemented its position as a trusted and indispensable tool for government entities. (ANI)
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