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HomeNewsGovTechGeM surpasses 10 million orders as annual growth surges over 500%, CPSEs contribute 43% of GMV

GeM surpasses 10 million orders as annual growth surges over 500%, CPSEs contribute 43% of GMV

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The government e-marketplace — GeM portal — has surpassed 10 million orders since its launch on August 9, 2016.

Google News

The government e-marketplace — portal — has surpassed 10 million orders since its launch on August 9, 2016, making rapid progress on the Centre's initiative for greater transparency in government procurement.

“Marking yet another glorious achievement! @GeM_India has crossed 10 Million orders since its inception, continuing to carve history. Cheers to the partnership of all buyers & sellers for their continued support, #GeM looks forward to scaling new heights of growth together,” said a tweet from the government's Digital India handle.

In March of 2022, the procurement portal for goods and services announced that its annual order volume would surpass Rs 1 lakh crore. The expansion was primarily fueled by a sharp increase in purchasing by various government agencies.

The GeM portal facilitates all online purchases of goods and services by all departments and agencies of the central and state governments. Previously, the portal had surpassed Rs 1 lakh crore in orders in approximately four and a half years.

In March, Prime Minister Narendra Modi declared that the Government-e-Marketplace (GeM) has reached an annual procurement volume of Rs 1 lakh crore for the Financial Year 2021-22.

According to the data, the annual procurement in FY21 was Rs 38,580 billion; in FY20, it was Rs 22,991 billion; in FY19, it was Rs 17,462 billion; in FY18, it was Rs 6,188 billion; and in FY17, it was Rs 422 billion.

In addition, the number of orders in FY22 increased by 22 per cent, surpassing 31,500,000. GeM has become one of the largest government e-procurement platforms in the world over the past five years.

CPSEs contribute 43% of total GeM GMV

The share of Central Public Sector Enterprises (CPSEs) in GeM procurement was approximately Rs 43,000 crore or 43% of the total GMV. Compared to the previous fiscal year, the annual growth increased by over 508%.

According to GeM CEO P K Singh, the procurement value may exceed Rs 1.5 crore during the current fiscal year, with the government hoping that GMV will reach Rs 3-4 crore in two years and Rs 10 crore in six to eight years.

GeM is larger than comparable platforms in South Korea (KONEPS) and Singapore (GeBiz), but the gross merchandise volume is significantly lower.

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