GeM crosses Rs 4 Lakh Crore in GMV in FY24

The government e-marketplace has totaled around ? 4 lakh crore in Gross Merchandise value (GMV) - doubling its GMV clocked at the end of the previous Fiscal Year. This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement.

 Nearly 50% of this GMV has been attributed to the procurement of Services, displaying a remarkable surge of 205% in terms of Services procured on GeM last FY.  The vast repository of Services on GeM has enabled States to procure innovative solutions that cater to all their dynamic needs.

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The procurement of Services through the GeM portal has proved to be a pivotal force behind this staggering GMV.

Earlier this financial year, GeM started up with a leading tech firm, Tata Consultancy Services, with a vision to create a more versatile and secure technological Infrastructure by adapting new-age technologies to further enhance user experience, improve transparency, and induce greater inclusivity. The objective is to revamp, re-design, and build a new modern solution leveraging new technologies while maintaining the current platform. Its deep configurability will ease the onboarding of diverse buyer organizations and Sellers/ Service Providers with dynamic needs.

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