Government e-Marketplace (GeM) witnesses remarkable growth in Service Procurement - (01 Nov 2023)

Commercial

Over the past few years, Government e-Marketplace (GeM) has achieved significant milestones in the procurement of services. GeM, India's leading online platform for government procurement, witnessed an extraordinary increase in the transaction value, reinforcing its commitment to streamlining the procurement process and fostering efficiency and transparency in government purchases.

GeM's robust growth in service procurement has been nothing short of remarkable. Over the last two to three years, the transaction value has surged from approximately INR 8,505 crore in FY 20-21 to an impressive INR 65, 957 crore in FY 22-23. The services sector has exhibited a staggering increase in the overall contribution to GeM Gross Merchandise Value or the total order value transacted through the platform, having jumped from 23% in FY 21-22 to nearly 47% in the current financial year. GeM has set a forward-looking target of surpassing INR 1.50 lakh crore in the current fiscal year.

This unprecedented success can be attributed to the active involvement of top Government buyers from various sectors. Leading Central Public Sector Enterprises (CPSEs) such as Coal India Limited, NTPC Limited, Oil and Natural Gas Corporation Limited, and Bharat Petroleum Corporation Limited have actively leveraged GeM for their service procurement needs. Furthermore, a multitude of states and union territories, including Gujarat, Uttar Pradesh, Delhi, Uttarakhand, and Punjab, have embraced GeM as their go-to platform for services procurement. GeM continues to drive high-value service bids. Also, there are multiple ongoing High value bids in the service categories like Warehousing Service, IT Services, Hiring of Vessels, Handling, Transport & other Mining Services.

Tags : GEM GROWTH SERVICE PROCUREMENT