New Delhi, Nov 13 (SocialNews.XYZ) Commerce and Industry Ministry on Monday said that the Government’s e-Marketplace (GeM) has soared past Rs 2 lakh crore in gross merchandise value (GMV) within less than eight months of the current financial year, surpassing the total GMV achieved in 12 months of last financial year that ended on March 31.
As per the ministry data the average GMV per day has also witnessed significant growth and reached more than Rs 850 crore per day in the current Financial Year.
It said that the central entities, including Central Public Sector Enterprises (CPSEs), have played a key role in achieving the milestone, contributing an overwhelming 83 per cent to the total GMV.
The Commerce Ministry said that the state governments have contributed to the remaining 17 per cent, which underscores the nationwide embrace of GeM's transformative impact on public procurement.
It said that the states like Uttar Pradesh, Gujarat, Maharashtra, Delhi, Madhya Pradesh, Jammu & Kashmir, Odisha, Bihar, Assam, Uttarakhand have placed significant amounts of procurement orders in the current financial year.
The ministry said that the services sector has exhibited a staggering increase in the overall contribution to the total order value transacted through the platform, having jumped from 23 per cent in FY 2021-22 to nearly 46 per cent in the current financial year.
The ministry said that the GeM's unprecedented growth has enabled government agencies to access a wide range of products and services in a streamlined and cost-effective manner.
It said that the GeM portal displays a diverse catalogue of nearly 312 service categories and more than 11,800 product categories, well-equipping it to adequately match the dynamic requirements of government buyers at all levels.
The ministry said that the cumulatively, GeM has surpassed the Rs 5.93 lakh crore GMV since inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.8 crore.
It said that the platform also caters particularly to the marginalised seller segments like small and medium enterprises, women entrepreneurs, startups, and artisans.
The ministry said that the policies have been formulated with the intent to provide right business opportunities to all firms, irrespective of their size and popularity.
It said that nearly 49 per cent of the total order value transacted through the platform has been awarded to MSEs. In just 7 months, more than 45000 MSEs have registered as sellers/service providers registered on GeM.
The ministry said that the GeM platform has enabled the government to save over Rs 45,000 crore since 2016.
Source: IANS
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