Conceptualised under the visionary leadership of Prime Minister Narendra Modi, that aims to foster ‘Minimum Government, Maximum Governance’ through digital platforms, GeM has achieved a milestone by recording a Gross Merchandise Value (GMV) of Rs 3 lakh crore within just 11 months of the current fiscal year, breaking all previous records.
This achievement significantly surpasses the total GMV recorded at the end of the previous fiscal year, which stood at Rs 2 lakh crore.
The platform has experienced a notable increase in daily average GMV transactions during this period, rising from Rs 504 crore in FY 22-23 to Rs 914 crore as of February 12, 2024.
As of February 12, 2024, GeM directly links over 2 million sellers and service providers across the country with more than 3 lakh government buyers. By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption, and bribery, thereby enhancing transparency in public finances, said a statement here.
The platform currently showcases more than 12,200+ Products and Services categories, catering to the diverse requirements of government buyers nationwide. Over the past 3 years, services procurement on GeM has surged from approximately Rs 66,000 crore in FY 22-23 to over Rs 1,30,984 crore in FY 23-24 (as of February 12, 2024).
States like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, and Delhi have emerged as top procurers on the platform while Panchayati Raj institutions and Cooperatives too have helped earning transactions worth Rs 265 crore conducted by over 70,000 Panchayats and 660+ Cooperatives.