(MENAFN- KNN India)
New Delhi, Jun 15 (KNN)
The government e-Marketplace (GeM), India's public procurement portal, witnessed a significant 205 per cent year-on-year increase in the value of services procured from Micro, Small, and Medium Enterprises (MSMEs) in the financial year 2023-24, according to recent data shared by the platform.
In a social media post, GeM announced that the gross merchandise value (GMV) of services on the portal reached an unprecedented Rs 2.07 lakh crore, contributing to nearly 50 per cent of the total GeM GMV during the fiscal.
The portal attributed this surge to the launch of 36 new service categories, bringing the total number of listed services to 320 alongside 11,926 product categories.
"The platform is well-equipped to cater to all the dynamic needs of government buyers across levels of administration!" GeM stated.
The significant growth in services procurement complemented the overall upward trajectory of GeM's operations.
The portal's total order value, or GMV, jumped to Rs 4.03 lakh crore in FY24, more than double the Rs 2.01 lakh crore recorded in the previous fiscal year.
This increase was driven by the heightened demand for goods and services from various government departments and central public sector enterprises (CPSEs).
As of June 14, 2024, GeM's GMV stood at Rs 1.01 lakh crore, with over 8 lakh orders facilitated, of which 41 per cent were attributed to micro and small enterprises.
In parallel, the value of overall procurement from MSEs by CPSEs hit a new high in FY24, reaching Rs 75,253 crore, a 16.2 per cent increase from the Rs 64,721 crore recorded in FY23.
The share of purchases from MSEs stood at 35.6 per cent, benefiting 2.18 lakh enterprises, compared to 37.1 per cent involving 2.36 lakh enterprises in the previous fiscal year.
According to the government's procurement policy, CPSEs are mandated to procure at least 25 per cent of their total procurement value from MSEs annually, with 4 per cent to be sourced from MSEs owned by Scheduled Caste/Scheduled Tribe entrepreneurs and 3 per cent from MSEs owned by women entrepreneurs.
(KNN Bureau)
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