New Delhi, Feb 12 : The Government eMarketplace (GeM) has registered a record gross merchandise value of Rs 3 lakh crore in 11 months of the current financial year, surpassing the figure of Rs 2 lakh crore achieved for the entire year in 2022-23, the Commerce and Industry Ministry said on Monday.

The integrated digital platform has also seen a notable increase in the daily average GMV transaction value during this period from Rs 504 crore in financial year 2022-23 to Rs 914 crore as of February 12, 2024.

GeM, a pioneer in public procurement, was conceptualised by PM Narendra Modi as a mission to foster 'Minimum Government, Maximum Governance' through digital platforms.

Since its inception in 2016, GeM has revolutionised the landscape of public procurement, providing a transparent and efficient online infrastructure for the procurement of goods and services by Central/state ministries, departments, public sector undertakings, panchayats, and cooperatives, the ministry said.

As of February 12, 2024, GeM directly links over 20 lakh sellers and service providers across the country with more than 3 lakh Government buyers (primary as well as secondary buyers).

By digitally integrating all stakeholders in the public procurement process, GeM has eliminated harmful practices like collusion, corruption and bribery in government spending, thereby inculcating greater transparency in public finances. The platform currently showcases more than 12,200+ products and services categories with offerings covering all complex and dynamic requirements of government buyers across the country.

In particular, the services segment on GeM has experienced an unprecedented surge, proving to be a pivotal force behind GeM's success and its exponential growth. Over the past 3 years, GeM has strategically expanded its services bouquet, resulting in a remarkable increase in services procurement ' from approximately Rs 66,000 crore in FY 22-23 to Rs 1,30,984 crore in FY 23-24 (as of February 12, 2024). Notably, the services sector's contribution to GeM's GMV has surged by 98 per cent from last year, with services procurement expected to exceed Rs 1.5 lakh crore by the end of this fiscal year, according to the ministry.

In this financial year, concerted efforts were made to reach out to various government bodies and maximise their participation in public procurement processes through GeM. While central entities have contributed to 82 per cent of the current GMV, increased engagement from states has propelled the platform's growth. States have cumulatively placed orders worth Rs 49,302 crore in FY 23-24, reflecting a 56 per cent increase compared to the corresponding period in the previous fiscal year.

This is indicative of the immense trust placed by various states like Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh and Delhi, in the platform's capabilities to achieve cost-efficiency in their public procurement. These states have emerged as the top procurers on the platform, in terms of order value, during this period, the official statement added.

/IANS