GeM records Rs 1.5 lakh cr Gross Merchandise Value in FY23; may exceed annual target of Rs 1.75 lakh cr

New Delhi, Feb 3 (KNN) The Government e-Marketplace (GeM) has achieved Rs 1.5 lakh crore of Gross Merchandise Value (GMV) in FY23 as on February 1, 2023, revealed the Ministry of Commerce & Industry on Thursday.

The government is certain that GeM is suitably placed to exceed its annual target of Rs 1.75 lakh crore referring to the current run rate.

Cumulatively, GeM has surpassed the Rs 3 lakh crore GMV since inception, with the overwhelming support of its stakeholders.

The total number of transactions on GeM has also crossed 1.3 crore.

GeM has over 66,000 government buyer organisations and more than 58 lakh sellers and service providers offering a diverse range of goods and services. 

The portal features over 11,000 product categories with more than 29 lakh listed products, as well as over 270 service categories with more than 2.5 lakh service offerings.

Based on various studies, the minimum savings on the platform are about 10 per cent, which translates into a savings of over Rs 30,000 crore worth of public money.  (KNN Bureau)