India’s public procurement platform Government eMarketplace (GeM), which enables MSMEs direct access to government tenders, on Wednesday said it has crossed gross merchandise value (GMV) or order value of Rs 10 lakh crore since its inception in August 2016.
“Outstripping Rs 10 lakh crore mark in Gross Merchandise Value, Government e Marketplace (GeM) is set to become the world’s largest public procurement platform in FY 24-25,” it said in a post on X highlighting 100 per cent year-on-year growth in the last three years.
Congratulating GeM, Commerce Minister Piyush Goyal said what makes the platform “truly special is the participation of our micro and small enterprises, contributing to 39 per cent of total order value, many of them women-led.”
The platform had recorded 2x growth in GMV in FY24 to Rs 4.03 lakh crore with over 62 lakh orders processed vis-a-vis Rs 2.01 lakh crore in FY23, on the back of growth in goods and services procured by various government departments and enterprises.
As of September 4 in the current financial year, GeM’s GMV stood at Rs 2.19 lakh crore and order volume of 21.85 lakh. MSE sellers have a 39 per cent share in the GMV, according to the data from the GeM portal.
In July this year, GeM CEO PK Singh had said the platform will soon enable work contracts for the government. A work contract entails construction, installation, erection repair, renovation, maintenance, alteration of any movable or immovable property.
Singh said the platform, which is currently the second-largest public procurement portal in the world, will become the largest such platform by the end of the current financial year, overtaking Korea’s KONEPS. Singapore’s GeBIZ is the third largest public procurement portal.