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Procurement of Services Through GeM Soars To Rs 1.82 Lakh Crore In FY24

Updated: Feb 24, 2024 04:06:24pm

Procurement of Services Through GeM Soars To Rs 1.82 Lakh Crore In FY24

New Delhi, Feb 24 (KNN) The procurement of services through the Government e-Marketplace (GeM) has witnessed remarkable growth, surging from approximately Rs 8,500 crore in FY21 to an impressive Rs 1,82,000 crore in FY24 as of February 22, 2024.

This staggering increase of nearly 176 per cent from the previous fiscal year marks a significant milestone for GeM.

The surge in procurement underscores the rapid acceptance of services by various buyers. 

In February 2024 alone, the procurement of services has been extraordinary, contributing to almost 80 per cent of the total order value transacted on GeM. 

Moreover, the share of service procurement in the overall procurement has exceeded the 50 per cent mark in the current financial year.

P. K. Singh, CEO, GeM, emphasised that GeM has leveraged digital capabilities to emerge as a comprehensive platform for procuring all conceivable services required by government buyers across different levels of administration. 

This recent surge in service procurement was further propelled by two substantial bids placed by South Eastern Coalfield Limited, a subsidiary of COAL India Limited, amounting to nearly Rs 40,000 crore. 

(KNN Bureau)


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