GeM Public Procurement Crosses Rs 1 trillion In Just Eight Months

 

According to official figures, the Government e-Marketplace (GeM) portal surpassed Rs 1 trillion in gross merchandise value (GMV) this fiscal year.

Since its debut, GeM has achieved a GMV of Rs 3 trillion, and the number of transactions on GeM has crossed 12 million.

GeM will be the largest e-marketplace in India by the end of the fiscal year, surpassing e-commerce behemoths Amazon and Flipkart. According to experts and government officials

The GeM portal aims to generate Rs 1.5 trillion in GMV in FY23. However, based on the rate of growth, it appears like we will be able to exceed the target.

Gujarat is the most expensive state to buy from the portal, followed by Uttar Pradesh, Maharashtra, and Madhya Pradesh.

 In terms of the value of transactions completed on the platform in the previous fiscal year, Uttar Pradesh was the best-performing state.

The platform expanded 83% to Rs 97,000 crore by November 24, 2022, compared to Rs 53,000 crore at the same time last year.

 In comparison to state-specific portals, the portal has lowered the time it takes to award contracts and the rate of canceled tenders.

There are 10,738 product categories and 269 service categories available on the portal. The project has also enrolled over 800,000 micro and small retailers and service providers on the web.

This was a good indicator for micro and small businesses because payment settlement for suppliers was faster than with other modes of procurement.

GeM data would assist the government in enhancing transparency and efficiency in public procurement. GeM has the potential to become the world's largest marketplace for public procurement with the pooled wisdom and efforts of all parties.

All public procurement sellers who have registered on the government's e-commerce portal Even though there is no definition of an active supplier (seller) on GeM, everyone has an equal opportunity to engage in the marketplace and bids.

Based on their interest, product availability, and other factors, registered providers decide whether or not to participate in any bid. Every registered seller has the same opportunity to bid and participate in the marketplace. Furthermore, he noted that the successful award of an order is dependent on the buyer's requirement and the seller's ability to meet the requirement by offering the best price.

The government e-Marketplace (GeM) serves as the Public Procurement Portal for all Central Government and State Government Ministries, Departments, Public Sector Units (PSUs), and affiliated organisations. GeM works to improve the transparency, efficiency, and inclusiveness of government procurement. GeM has the following advantages: It acts as a coordinated and unified public procurement platform for government purchasing groups and suppliers of goods and services.

GeM has the advantage of being seamless, transparent, open, efficient, and technologically driven, and this will gain popularity as more buyers and sellers join the system. More procurement orders will entice more vendors to join, increasing competition and the availability of high-quality items at lower prices.

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