GeM eyes procurement of ₹2 lakh crore in FY23
GeM, or the Government e-Marketplace, is a digital platform for buying and selling goods and services. GeM portal is an online marketplace that is paperless, contactless, and cashless.
GeM exists solely to improve efficiency, openness, and speed in public procurement. In a nutshell, government departments/agencies, as registered buyers, acquire products and services from registered sellers through the GeM site.
The Government e-Marketplace (GeM) portal topped Rs 1 trillion in gross merchandise value (GMV) this fiscal year, according to official estimates.
GeM has attained a GMV of Rs 3 trillion since its inception, and the number of transactions on GeM has surpassed 12 million.
By the conclusion of the fiscal year, GeM will have surpassed e-commerce behemoths Amazon and Flipkart as the largest e-marketplace in India. The GeM site, according to experts and government officials, expects to produce Rs 1.5 trillion in GMV in FY23. However, based on current growth rates, it appears like we will be able to exceed the target.
Following a surge in popularity, the Government e-Marketplace (GeM), a national procurement system, is targeting annual procurement worth Rs 2 lakh crore during FY23.
According to officials, GeM achieved a gross merchandise value (GMV) of 60,000 crores in the first four months of the current fiscal, implying that a target of 2 lakh crore is attainable.
It was fundamentally noted that in the calendar year 2022, the value of orders placed on GeM was Rs 156192 CR, making it a prominent player in India’s E-Commerce business.
Government agencies, ministries, public sector units, state governments, and the Central Armed Police Forces can currently perform transactions through this platform.
The portal sells a wide range of products, from office supplies to vehicles. Automobiles, computers, and office furniture are currently the most popular product categories. Transportation, logistics, trash management, webcasting, and analytics are among the services included on the platform.
GeM may be an excellent opportunity for any Indian sellers/vendors looking to expand their business and engage directly with government bodies.
It offers additional services like e-bidding, inverse e-auction, and demand aggregation to help government users get the most bang for their buck. It is a purely digital, cashless, the system-driven marketplace where users may buy everyday goods and services with little to no human interaction.
Government-e-marketplace is an initiative of the Government of India to promote the growth and expansion of the country’s Micro, Small, and Medium Enterprises.
The platform offers 10,738 product categories and 269 service categories. On the web, the project has also enrolled over 800,000 micro and small retailers and service providers.
Payment settlement for suppliers was faster than with other kinds of procurement, which was a good indicator for micro and small enterprises.
GeM data would help the government improve openness and efficiency in government procurement. With the combined wisdom and efforts of all parties, GeM has the potential to become the world’s largest marketplace for public procurement.
All Central Government and State Government Ministries, Departments, Public Sector Units (PSUs), and related organisations use the government e-Marketplace (GeM) as their Public Procurement Portal. GeM strives to promote government procurement transparency, efficiency, and inclusion. GeM has the following benefits: It serves as a centralized and unified platform for government purchasing groups and suppliers of products and services.