New Delhi, Mar 29 (KNN) The Government e-Marketplace (GeM) portal has achieved a remarkable milestone, closing the financial year 2022-23 with a staggering Rs 4 lakh crore in Gross Merchandise Value (GMV).

This figure represents a doubling of the GMV clocked at the end of the previous fiscal year, testifying to the portal's unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement.

A pivotal force behind this staggering GMV has been the procurement of services through the GeM portal. Nearly 50 per cent of the GMV, amounting to Rs 2 lakh crore, has been attributed to the procurement of services, displaying a remarkable surge of 205 per cent in terms of services procured on GeM last fiscal year.

Increased engagement from states has also mobilised this phenomenal growth in GMV. In the fiscal year 2022-23, the highest procuring states like Gujarat, Uttar Pradesh, and Delhi have helped states surpass the earmarked public procurement target for the year.

The contribution made by central entities, including ministries and central public sector enterprises (CPSEs), has also greatly spurred the GMV. These government organisations have contributed nearly 85 per cent of the Rs 4 lakh crore milestone.

Notably, the Ministry of Coal, Ministry of Power, and Ministry of Petroleum & Natural Gas, along with their subsidiaries, have emerged as the highest procuring entities at the central level.

"Through its inclusive initiatives like 'Vocal for Local,' 'One District, One Product,' 'Startup Runway,' 'Womaniya,' etc., GeM has provided a level-playing field for domestic businesses to grow and thrive," said PK Singh, CEO, GeM.

Singh emphasised, "Of the Rs 4 lakh crore GMV, orders worth nearly 50 per cent have been awarded to marginalised seller segments such as artisans, weavers, craftsmen, micro and small enterprises (MSEs), especially women-led and SC/STs, self-help groups (SHGs), farmer producer organisations (FPOs), and start-ups."

(KNN Bureau)