Public procurement portal Government e-Marketplace (GeM) is expected to become the largest such govt procurement portal in the world by the end of this financial year

Image: Pexels Jul 12, 2024 Mohammed Ramees

In a press conference on Thursday, GeM CEO PK Singh said the portal will surpass Korea’s KONEPS which enables 75% of procurement in work contracts

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Singh said GeM will achieve the milestone by enabling procurement of goods and services itself in FY25

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GeM procurement jumped 2.4X in Q1 FY25 to Rs 1.24 lakh crore from Rs 52,670 crore in Q1FY24

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GeM’s GMV had doubled in FY24 to Rs 4.03 lakh crore from Rs 2.01 lakh crore in FY23

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The portal on Thursday said it reduced the transaction fee for sellers to 0.30% from 0.45% of order value with a max cap of Rs 3 lakh from previously Rs. 72.50 lakh

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0.30% transaction charge would be on Rs 5 lakh to Rs 10 crore order value; Rs 3 lakh flat transaction charge would be on over Rs 10 crore orders

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Orders up to Rs 5 lakh will remain exempted from any transaction charge

GeM also announced GeM SAHAYAK, a pan India network of third-party certified trainers to help sellers and buyers onboard and operate on GeM

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Around 5,000 GeM SAHAYAKs are expected to be trained in the current fiscal

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GeM may also facilitate govt to invite bids for work contracts for which it is looking to submit a proposal to the commerce ministry

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