Procurements from GeM portal to cross 4 lakh crore by the end of FY24

by Psu Connect
Date: 12-02-24

The procurement of goods and services from the government e-market portal is likely to cross Rs 4 lakh crore by the end of this fiscal year. This has been fueled by higher buying activities by various ministers and departments as per official data released by the government.

Procurements from GeM portal to cross 4 lakh crore by the end of FY24

As per recent number figures, the procurement has crossed Rs 3 lakh crore and is soon going to reach Rs 4 lakh crore. In 2021-22, the procurement value stood at Rs 1.06 lakh crore while it crossed Rs 2 lakh crore last year. More than 245 CPSEs, including Coal India, SAIL, NTPC, and SBI, are participating in the process. The portal has over 63,000 government buyer organizations and over 62 lakh sellers and service providers offering a wide range of products and services.

The trending expansion has been stimulated by the service sector which plays an important role in uplifting the usual acceleration. Service sector contribution in the total procurement has increased from 23 percent in 2021-22 to 50 percent this fiscal.

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

The government e-market portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. Meanwhile, the portal provides a wide range of products from office stationery to vehicles. Automobiles, computers, and office furniture are some of the major product categories. In addition to this, services including transportation, logistics, waste management, webcasting, and analytical are listed on the portal.

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits