Gem Surpasses Rs 5 Lakh Crore GMV Before FY 2024-25 Year-End

(MENAFN- KNN India) New Delhi, Mar 18 (KNN) The government e Marketplace (GeM) has achieved a significant milestone by surpassing Rs 5 lakh crore in Gross Merchandise Value (GMV) on its portal, more than 18 days before the close of the financial year 2024-25.

This achievement highlights GeM's rapid expansion as a primary tool for public procurement, serving a buyer base of over 1.6 lakh government entities. The leap from Rs 4 lakh crore to Rs 5 lakh crore was accomplished in less than 50 days since crossing the previous benchmark on January 23, 2025.

GeM has undertaken major policy reforms in recent months to enhance market accessibility and streamline participation for sellers. Key initiatives such as the reduction in Transaction Charges, Vendor Assessment fees, and Caution Money requirements have made the platform more accessible, particularly benefiting Micro and Small Enterprises (MSEs), start-ups, and women-led enterprises.

As of February 13, 2025, over 22 lakh sellers and service providers are registered on GeM, contributing to a diverse and competitive procurement ecosystem.

This year also marks the sixth anniversary of SWAYATT (Start-ups, Women, and Youth Advantage Through eTransactions), an initiative that underscores GeM's commitment to integrating priority seller groups into the government procurement framework.

As of February 13, 2025, GeM has successfully onboarded over 29,000 start-ups and 1.8 lakh Udyam-verified women-led businesses, fostering greater inclusivity and economic empowerment.

In addition to policy enhancements, technological advancements have played a crucial role in boosting procurement efficiency. In FY 2024-25, GeM executed one of the largest cloud migrations by a government organisation in India.

This migration is expected to enhance the platform's scalability, ensuring a secure, reliable, and seamless experience for both buyers and sellers.

Further improving user accessibility, the integration of AI-powered search capabilities through GeM AI has enabled stakeholders to make faster and more informed procurement decisions.

GeM AI continuously analyses platform data to provide real-time, accurate, and credible responses, ensuring users have access to critical procurement insights anytime, anywhere.

With a steadfast commitment to transparency and fiscal responsibility, GeM has facilitated cumulative public savings exceeding Rs 1,15,000 crore.

The platform has over 1.6 lakh registered government buyers, spanning central and state ministries, departments, public sector enterprises, panchayats, and cooperatives, further driving the adoption of digital procurement across all levels of governance.

As GeM continues its trajectory of growth, it remains dedicated to fostering innovation, expanding inclusivity, and delivering unparalleled value to buyers while strengthening market linkages for sellers.

Through technological advancements and a transparent marketplace, GeM is reinforcing India's public procurement ecosystem and contributing to the nation's economic progress.

(KNN Bureau)

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