New Delhi, Feb 13 (KNN) In a remarkable feat, the Government eMarketplace (GeM) has achieved a Gross Merchandise Value (GMV) of Rs 3 lakh crore, exceeding the total GMV of the previous fiscal year by Rs 1 lakh crore.

The platform has witnessed a substantial rise in daily average GMV transaction value, reaching Rs 914 crore as of February 12, 2024.

GeM, a ground-breaking initiative spearheaded by Prime Minister Narendra Modi, aims at fostering 'Minimum Government, Maximum Governance' through digital platforms.

Since its inception in 2016, GeM has transformed public procurement, offering a transparent and efficient online infrastructure for Central/State Ministries, Departments, Public Sector Undertakings, Panchayats, and Cooperatives.

With over 20 lakh sellers and service providers directly linked to more than 3 lakh Government buyers, GeM has effectively eliminated harmful practices like collusion and corruption in government spending.

The platform showcases over 12,200 product and service categories, catering to the diverse requirements of government buyers nationwide.

The services segment on GeM has experienced an unprecedented surge, contributing significantly to the platform's growth. Services procurement has escalated from approximately Rs 66,000 crore to Rs 1,30,984 crore in FY 23-24, reflecting a 98 per cent increase from the previous year.

Concerted efforts to engage various government bodies have resulted in increased participation in public procurement through GeM.

While central entities contribute 82 per cent of the current GMV, states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, and Delhi have shown significant trust in the platform, collectively placing orders worth Rs 49,302 crore in FY 23-24.

GeM's inclusive approach has empowered marginalised seller segments, including MSEs, women-led MSEs, SHGs, FPOs, and startups.

Nearly 50 per cent of the total order value transacted through GeM is awarded to MSEs, amounting to approximately Rs 3.27 lakh crore since inception.

Moreover, GeM has facilitated transactions worth Rs 265 crore by 70,000+ Panchayats and 660+ Cooperatives through a comprehensive onboarding drive initiated last year.

The platform's integration with e-Gram Swaraj has fostered engagement at the grassroots level, simplifying business transactions for all stakeholders.

Notably, women-led MSEs alone have fulfilled orders worth Rs 22,200 crore.

Additionally, the platform has introduced 392 new categories under the "One District, One Product" initiative, showcasing India's arts and crafts on a national platform and enhancing their visibility.

GeM's success underscores its pivotal role in revolutionising public procurement in India, driving transparency, efficiency, and inclusivity in the country's procurement domain.

Through its robust infrastructure and inclusive policies, GeM continues to elevate the nation's welfare expenditure while maintaining fiscal prudence.

(KNN Bureau)