Government e-Marketplace Witnesses Exponential Growth in Procurement

Government e-Marketplace Witnesses Tenfold Growth in Procurement

The Government e-Marketplace (GeM), India's online platform for government procurement, has witnessed an astounding tenfold growth in procurement over the past three years. Union Commerce and Industry Minister Piyush Goyal highlighted this remarkable achievement while addressing the 'Kreta-Vikreta Gaurav Samman Samaroh 2023' event. Goyal commended GeM and its stakeholders for their significant contributions to this exponential surge.

GeM Revolutionizes Public Procurement Landscape

GeM's transformative impact on India's public procurement landscape aligns with Prime Minister Narendra Modi's vision of establishing a unified, transparent, and efficient procurement system. The platform has revolutionized the way government procurement is conducted, providing a transparent, efficient, and cost-effective avenue for buyers and sellers across the country.

GeM Aims to Exceed ₹3 Trillion Procurement for FY 2022-23

Expressing confidence in GeM's continuous growth, Minister Piyush Goyal announced that the platform's overall procurement for the fiscal year 2022-23 is expected to surpass ₹3 trillion. This ambitious target reflects GeM's increasing importance in facilitating government transactions and its potential to contribute significantly to the country's economic development.

GeM Unveils Plans for Enhanced Features and Data Analytics

To further enhance GeM's functionality and user experience, Minister Goyal unveiled plans for the development of a new system. The upgraded platform will leverage advanced data analytics to assist buyers and sellers in making informed procurement decisions.

By harnessing the power of data, GeM aims to provide valuable insights and improve the efficiency of the procurement process.

TCS to Oversee GeM Portal Operations

Tata Consultancy Services (TCS), a renowned multinational IT services and consulting company, has been awarded the contract to run and maintain the GeM portal. With TCS's expertise and technological capabilities, GeM aims to ensure a seamless and secure online environment for buyers and sellers. This partnership reflects GeM's commitment to continuously improve and modernize its platform.

GeM's Impressive Milestones and Achievements

GeM's success is evident from its notable milestones and achievements. In the fiscal year 2022-23, the platform recorded a gross merchandise value (GMV) of ₹2 trillion. Since its inception in August 2016, GeM has facilitated over 1.54 crore transactions, accumulating a cumulative GMV of more than ₹4.29 trillion.

GeM's Extensive Reach and Impact

GeM currently caters to the diverse procurement needs of over 69,000 government buyer organizations. The platform offers a wide range of products across 11,800 product categories and 280 service categories. GeM's extensive network comprises over 63,000 government buyer organizations and more than 62 lakh sellers and service providers.

GeM's Role in Cost Savings and Efficiency

GeM's introduction has played a crucial role in saving approximately 10% of public funds, amounting to around ₹40,000 crore. By streamlining the procurement process and ensuring transparency, GeM has eliminated unnecessary costs and improved the efficiency of government transactions. This cost-saving measure benefits both the government and the taxpayers.

Key Highlights of the news

• GeM has recorded a tenfold growth in procurement over the past three years.

• GeM's GMV has increased from ₹20,000 crore in 2019-20 to ₹2 trillion in 2022-23.

• GeM has helped to save approximately ₹40,000 crore in public funds.

• GeM's overall procurement for the fiscal year 2022-23 is expected to exceed ₹3 trillion.

• GeM is developing a new system that will leverage advanced data analytics to assist buyers and sellers in making informed procurement decisions.

Conclusion

The Government e-Marketplace (GeM) has achieved significant growth in procurement, marking a tenfold increase in just three years. GeM's impact on the public procurement landscape is commendable, aligning with the government's vision of transparency and efficiency.

With future plans for development and the involvement of Tata Consultancy Services (TCS), GeM aims to provide an enhanced and data-driven platform.

The platform's impressive milestones, extensive reach, and cost-saving benefits showcase its pivotal role in facilitating government transactions and driving economic growth in India.