PM Modi lauds GeM's milestone of Rs 10 lakh crore in cumulative sales on eighth anniversary

New Delhi [India], August 9 (ANI): Prime Minister Narendra Modi commended the Government e-Marketplace (GeM) for its remarkable achievements as the platform marked its 8th anniversary on Friday.
Highlighting the platform's impact on inclusive economic growth, PM Modi posted on X, "Compliments to all stakeholders of @GeM_India on the platform completing 8 years. This platform has achieved an impressive cumulative sale of nearly Rs. 10 lakh crore. But, most importantly it has provided opportunities to entrepreneurs, particularly those associated with MSMEs, StartUps and those belonging to SC, ST and OBC communities. GeM has also gone a long way in furthering women empowerment."
The Ministry of Commerce and Industry reported that the Gross Merchandise Value (GMV) of orders on GeM reached an astounding Rs 1.24 lakh crore by the end of the first quarter of the financial year 2024-25. This reflects a quarter-on-quarter growth of over 136 per cent compared to last year's GMV of Rs 52,670 crore.
The services segment, in particular, drove this growth, clocking a GMV of more than Rs 80,500 crore--a 330 per cent increase over the corresponding period in FY 2023-24.
The procurement by Central Ministries, including Central Public Sector Enterprises (CPSEs), surpassed the Rs 1 lakh crore milestone during this period. The Ministries of Coal, Defence, and Petroleum & Gas emerged as the top procurers, reflecting their strategic role in bolstering the national economy through efficient resource management.
GeM's success is not only measured in numbers but also in its role as an enabler for entrepreneurs, particularly those from marginalized communities.
The platform has become a crucial tool for Micro, Small, and Medium Enterprises (MSMEs), Startups, and businesses owned by SC, ST, and OBC communities, as well as women entrepreneurs, providing them with unprecedented access to government procurement opportunities.
To further enhance user experience and support sellers, GeM is set to launch the 'GeM SAHAYAK' program. This initiative aims to establish a nationwide network of 7,000 trained and certified accredited trainers who will assist potential and existing GeM sellers in navigating the platform and maximizing business opportunities. Buyers will also benefit from the services of these SAHAYAKs, particularly in bid creation and other value-added services.
In a move to facilitate Ease of Doing Business on GeM, the portal has significantly reduced the transaction charges levied on sellers. Under the new revenue policy, sellers and service providers will now be charged only 0.30 per cent of the order value for orders exceeding Rs 5 lakh, down from the previous 0.45 per cent.
Additionally, these charges will be capped at Rs 3 lakh, a drastic reduction from the earlier cap of Rs 72.50 lakh. This reduction, ranging from 33 per cent to 96 per cent, is expected to make offerings on the platform more competitive, benefiting both sellers and buyers.
In line with the 'Vocal for Local' initiative, GeM has launched "The Aabhar Collection," a curated selection of over 120 handcrafted gift items and hampers from the One District One Product (ODOP) and Geographical Indication (GI) categories. Priced between Rs 500 and Rs 25,000, these products are intended for use in government events and ceremonies, further promoting local artisans and their crafts on a national platform.
During the quarter, GeM also expanded its outreach through strategic partnerships and training programs. The portal signed Memorandums of Understanding (MoUs) with the Dalit Indian Chamber of Commerce & Industry (DICCI), Assam Startup Nest, and the North Eastern Development Finance Corporation Limited (NEDFi). Over 320 training sessions for buyers and sellers were conducted across the country, strengthening the platform's user base and capacity.
Additionally, the recently launched interactive and multilingual training courses have seen significant engagement, with over 1,172 buyers and 3,393 sellers enrolling within just four months. These initiatives underscore GeM's commitment to building a robust, inclusive, and user-friendly procurement ecosystem.
Launched in 2016, GeM was envisioned as a transformative e-procurement platform that could streamline and centralize government procurement processes. Over the past eight years, it has evolved into a comprehensive one-stop solution for government buyers and a vital marketplace for sellers across India. (ANI)