Government e-Marketplace (GeM) has marked history by reaching a record-breaking figure of ₹4 lakh crore Gross Merchandise Value (GMV) in the first 10 months of fiscal year 2024-25. Till date, i.e., as on January 23, 2025, GeM has reported a GMV of ₹4.09 lakh crore, witnessing a spectacular increase of about 50% as compared to corresponding period of previous fiscal.
The services segment contributed a stellar ₹2.54 lakh crore GMV, constituting 62% of the overall GMV, whereas the product segment contributed ₹1.55 lakh crore (38%). The growth is driven by a widened list of services available on GeM, comprising 19 new service categories added during this fiscal year. Specialized services like printing debit cards, bulk email services, and dark fiber leasing have highly contributed to the services sector, achieving nearly 100% growth over the last year.
Central government departments have been among the largest contributors to this growth. Departments such as Coal, Defense, Petroleum, and Natural Gas took the lead, with the Ministry of Coal being the leading procurer, completing transactions worth ₹1.63 lakh crore. The Power & Steel industries were also prominent, with more than 320 high-value bids worth about ₹24,000 crore.
In another milestone feat, GeM executed 49,960 orders in one day, showcasing its effectiveness and resilience. The platform has enabled transactions worth more than ₹11.64 lakh crore with over 2.59 crore orders since its launch.
GeM has entrenched itself as a reliable portal for government procurement, procuring both mundane commodities and sophisticated products such as advanced technology systems and missile parts. The centralization and simplification of procurement on the platform has been invaluable to realizing efficiency in government processes. With its growing network of 1.6 lakh government buyers and more than 22.5 lakh sellers, GeM is well placed to drive innovation and enable public-sector efficiency in the coming years.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.
Also read: Shriram Finance and IndiGo Report Q3 Results: A Mixed Bag of Growth and Challenges
Published on: January 24, 2025 at 5.43 PM GMT.
OpenAI faces copyright suit in India:
Some Indian and international book publishers have filed a copyright lawsuit in New Delhi saying that their proprietary content has been used without permission by a ChatGPT chatbot created by OpenAI. The list of publishers suing OpenAI included Bloomsbury, Penguin Random House, and Cambridge University Press. The next consensus lawsuit date is January 28.
As stated in Bhagavad Gita : (Bhagavad Gita 5.16)
ज्ञानेन तु तदज्ञानं येषां नाशितमात्मनः।
In knowledge, ignorance is destroyed.
26th January is celebrated as Republic Day in India!
