Government e-Marketplace (GeM), India’s revolutionary platform for public procurement, has achieved remarkable growth, experiencing a tenfold increase in Gross Merchandise Value (GMV). The platform’s GMV has soared from ₹17,500 crores to an impressive ₹2 lakh crore. This unprecedented growth showcases GeM’s growing popularity and effectiveness in streamlining government procurement processes.
GeM: Transforming Public Procurement
GeM, launched in 2016, is an online marketplace established by the Government of India to facilitate transparent and efficient procurement of goods and services by various government departments, ministries, and organizations. The platform acts as a one-stop solution for all government procurement needs, enabling buyers and sellers to connect seamlessly. GeM’s user-friendly interface, competitive pricing, and simplified processes have revolutionized the way public procurement is conducted in the country.
Exponential Growth in Gross Merchandise Value
The recent surge in GeM’s Gross Merchandise Value is a testament to its increasing prominence in the public procurement landscape. The platform has witnessed a remarkable jump from ₹17,500 crores to ₹2 lakh crore, reflecting its substantial contribution to the economy. This exponential growth is a result of the platform’s ability to streamline procurement processes, improve transparency, and promote fair competition among vendors.
Driving Efficiency and Cost Savings
GeM has emerged as a game-changer in public procurement, offering numerous benefits to both buyers and sellers. By leveraging technology and digital platforms, GeM has significantly reduced the time and effort required for procurement, ensuring efficiency and cost savings for government entities. The platform eliminates the need for traditional tendering processes, simplifying and accelerating the procurement cycle. This not only saves time but also reduces administrative burdens and associated costs.
