GeM Records Remarkable Growth, Doubles Order Value to ₹4 Trillion in FY24

The Government e Marketplace (GeM), India's online platform for public procurement, has achieved remarkable success, doubling its Gross Merchandise Value (GMV) to a staggering ₹4 lakh crore in FY23-24. This phenomenal growth signifies GeM's increasing role in streamlining government purchases and fostering transparency.

Considering Consumer Access

While currently catering exclusively to government entities, GeM is exploring the possibility of opening its doors to individual consumers. This potential expansion is a significant development and reflects the platform's maturing ecosystem. A "small pilot" is being planned to assess the feasibility of consumer access, subject to necessary approvals.

Diversity in Procurement

GeM's success extends beyond just doubling its GMV. A noteworthy aspect is the staggering 205% surge in service procurement during FY24. This surge highlights a shift towards a more comprehensive procurement landscape, with services now accounting for nearly half of the total GMV.

From Eggs to Missiles: A Wide Product Range

The platform boasts an impressive product range, encompassing everything from everyday essentials like eggs and stationery to sophisticated equipment like vehicles and even BrahMos missile assembly components. This vast array underscores GeM's ability to handle diverse government procurement needs.

Global Recognition and Expansion Potential

GeM's success has garnered international attention, particularly from countries in Africa, Southeast Asia, and India's neighboring regions. This interest paves the way for potential collaboration and knowledge sharing. India might offer consultancy services or even consider setting up similar platforms for these interested countries.

Vision for a Unified Procurement Portal

Looking ahead, GeM aspires to evolve into a unified procurement portal for India, similar to models prevalent in Singapore and Korea. This vision includes incorporating works contracts alongside the existing goods and services categories. The inclusion of works contracts is anticipated to be a major step forward for GeM.

Dedicated Page for Elections

GeM has also established a dedicated section catering specifically to election-related goods and services. This initiative offers a convenient platform for procuring essential items like stamp pads, stationery, and catering services, streamlining the election process for various states.

In conclusion, GeM's remarkable growth and ambitious plans for the future position it as a game-changer in the Indian procurement landscape. The potential expansion to consumers and the vision for a unified portal demonstrate GeM's commitment to continuous improvement and innovation. With its success attracting global attention, GeM may well serve as a model for other nations seeking to enhance their public procurement systems.