Govt e-Marketplace turnover more than doubles in April-June quarter

Govt e-Marketplace turnover more than doubles in April-June quarterJuly 11, 2024New Delhi, July 11 (IANS) The Government e-Marketplace (GeM) has clocked a gross merchandise value (GMV) of Rs 1.25 lakh crore at the end of first quarter (April-June) of the current financial year (2024-25), representing a quarter-on-quarter growth of 136 per cent over last year’s GMV of Rs 52,670 crore in the same quarter.

In Q1, FY 24-25 services segment has been the prime mover clocking a GMV of more than Rs 80,500 crore representing a growth of 330 per cent over the corresponding period in FY 23-24.Procurement by Central ministries including CPSEs surpassed Rs 1 lakh crore milestone in this period with Ministries of Coal, Defence and Petroleum & Gas emerging as the top procurers in this quarter. Of this Rs 1 Lakh crore GMV, CPSEs share accounted for more than Rs 91,000 crore.“In Q1 FY 23-24, procurement by Central government bodies stood at Rs 42,500 Crore. This FY has seen a substantial surge in their procurement. As key participants, Central bodies have continued to drive procurement reforms, reaffirming their commitment to optimising resource allocation for national development,” said Prashant Kumar Singh, CEO, GeM.GeM has led to more transparency, reducing opportunities for corruption, increasing participation of small-scale sellers in the marketplace and significantly improving time efficiency, he added.“This reduction in transaction charges levied on the GeM platform by almost 33 to 96 per cent would greatly benefit our Sellers and is likely to make their offerings more competitive in the marketplace,” Singh said.GeM has also launched an initiative called “The Aabhar Collection” as part of its #Vocalforlocal outlet store marketplace. The Aabhar collection showcases over 120 exquisite and hand-crafted gift items and hampers, featuring select products from One District One Product (ODOP) and Geographical Indication (GI) categories with prices ranging from Rs 500 to Rs 25,000 to be used by Government Buyers for all their official events/ ceremonies etc.Launched in 2016 with an ambitious goal of building a robust domestic e-procurement landscape, GeM has reformulated a previously fragmented system into a comprehensive one-stop-solution that is widely used by all government buyers and serviced by pan India network of sellers and service providers, Singh added, –IANSsps/dan