GeM, launched in 2016 by the commerce ministry, aims to bridge buyer-seller gaps through a digital marketplace, enhancing procurement across sectors.
The Government e-Marketplace (GeM) has emerged as a cornerstone in revolutionizing public procurement in India, achieving a remarkable milestone by surpassing Rs 8.57 lakh crore in Gross Merchandise Value (GMV) as of April 30, 2024. This achievement marks the highest GMV recorded since its inception, underscoring the platform’s pivotal role in fostering transparent and inclusive trade practices within the country.
Launched on August 9, 2016, by the commerce ministry, GeM was conceived with the vision of establishing a digital marketplace that bridges the gap between buyers and sellers, facilitating seamless procurement processes across various sectors. The platform’s exponential growth trajectory is evidenced by its remarkable performance during the financial year 2023-24, where it surpassed Rs 4 lakh crore in GMV. As the new financial year, 2024-25, commenced, GeM witnessed a robust start with GMV soaring to Rs 60,094 crore in the inaugural month alone, according to insights shared during an internal meeting at the commerce ministry.
The significance of GeM extends beyond the procurement of goods, as it also serves as a conduit for the acquisition of services. As of April 30, 2024, the GMV of services on GeM has reached an impressive Rs 3.56 lakh crore since its inception. Notably, during the financial year 2023-24, the GMV of services amounted to Rs 2.07 lakh crore, indicating a substantial uptick in demand. The contribution of services to GeM’s GMV in the first month of the financial year 2024-25 stands at Rs 46,460 crore, reflecting the growing reliance on the platform for service-related transactions.
One of GeM’s notable achievements lies in its support for Micro and Small Enterprises (MSEs), which form the backbone of India’s economy. Over 9.26 lakh MSEs are registered on the GeM portal, having received orders exceeding Rs 4.01 lakh crore. This accounts for more than 46.93% of GeM’s cumulative orders by GMV since its inception, highlighting the platform’s role in empowering MSEs and fostering their growth in the competitive marketplace.
Furthermore, GeM has been instrumental in empowering women entrepreneurs, with 1.63 lakh MSEs led by women being registered on the platform. These enterprises have received over 9.20 lakh orders amounting to Rs 24,369 crore till April 30, 2024, underscoring GeM’s commitment to promoting gender inclusivity and economic empowerment.
In addition to supporting established businesses, GeM has also emerged as a catalyst for fostering innovation and entrepreneurship in India. The platform has played a pivotal role in supporting over 24,181 startups in establishing their presence in the Indian marketplace. These startups have successfully processed orders exceeding Rs 24,369 crore in GMV, signalling GeM’s role as a facilitator of growth and innovation within the startup ecosystem.
The success of GeM can be attributed to its user-centric approach, robust infrastructure, and commitment to fostering a conducive environment for trade and commerce. By leveraging technology to streamline procurement processes, GeM has not only enhanced efficiency but has also promoted transparency, accountability, and fair competition in public procurement.
As GeM continues to chart new milestones and facilitate greater participation from diverse stakeholders, it reaffirms its status as a catalyst for economic growth, empowerment, and inclusive development in India’s digital landscape.