GeM portal set to break records with ₹3.5 trillion procurement in FY24
NEW DELHI : Goods and services procurement through the government e-market (GeM) portal is poised to reach ₹3.5 trillion by the end of this fiscal year, driven by heightened buying activities across ministries and government departments, a senior official said. In FY23, the procurement value stood at ₹2 trillion, surpassing the ₹1.06 trillion in the previous financial year. In FY24, it is estimated to cross ₹3.5 trillion, GeM chief executive P.K.
Singh said at a press conference. Central public sector enterprises (CPSEs) are propelling the GeM marketplace, with procurements of over ₹1 trillion in April-November, marking an increase of 166% from a year earlier, according to an official statement. Launched in August 2016, the GeM portal facilitates online procurement of goods and services for all central government ministries and departments.
At present, the portal comprises 133,549 primary buyers, 205,737 secondary buyers, and 11,897 registered product categories. According to data from the GeM portal, in FY23, order volumes was at 5,036,510, while order values exceeded ₹2 trillion. During April-November 2023, the portal reported order volumes of 3,717,387, amounting to over ₹2 trillion.
CPSEs' procurements on the portal constitute almost 63% of GeM's gross merchandise value (GMV), with 245 CPSEs actively participating. According to the statement, the top five contributors for this fiscal year in value terms include Coal India, National Thermal Power Corp. (NTPC), Steel Authority of India (SAI), Bharat Dynamics, and Bharat Heavy Electricals Ltd (BHEL).
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