In the first quarter of the fiscal year 2024-25, the Government e-Market (GeM) platform achieved a significant milestone, surpassing US$ 14.85 billion (Rs. 1.24 trillion) in procurement, marking a remarkable 136% increase compared to the previous year’s US$ 6.31 billion (Rs. 52,670 crore). GeM CEO Mr. Prashant Kumar Singh projected that if current growth rates continue, GeM is poised to become the world’s largest procurement platform by the end of the fiscal year, outpacing competitors like South Korea’s KONEPS and Singapore’s GeBIZ. Key contributors to this achievement included central ministries and CPSEs, which collectively procured over US$ 11.97 billion (Rs. 1 trillion), led by ministries such as coal, defence, and petroleum and gas.
Transactions in the services sector took the lead, exceeding US$ 9.64 billion (Rs. 80,500 crore) during the quarter. GeM announced the launch of the ‘GeM SAHAYAK’ program aimed at enhancing accessibility and efficiency in public procurement. This initiative plans to establish a nationwide network of 6,000-7,000 trained and accredited trainers who will assist both sellers and buyers in effectively navigating the GeM portal.
As part of its commitment to bolstering local businesses, GeM has revised its revenue policy to reduce transaction charges for sellers. The platform now charges only 0.30% of the order value (down from 0.45%) for orders exceeding US$ 5,987.54 (Rs. 5 lakh), capped at US$ 3,592.53 (Rs. 3 lakh). Additionally, GeM introduced ‘The Aabhar Collection’ to showcase hand-crafted products from the One District One Product (ODOP) and Geographical Indication (GI) categories, underscoring the government’s initiative to promote indigenous goods and support local artisans.
