Government e-Marketplace surpasses Rs 5 lakh crore GMV in FY25

New Delhi [India], March 17 (ANI): 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, the commerce ministry said in a statement Monday.

This highlights GeM's rapid expansion as a primary tool for public procurement, serving a buyer base of over 1.6 lakh government entities.

Notably, 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), startups, and women-led enterprises.

As of February 13, 2025, over 22 lakh sellers and service providers were registered on GeM.

This year also marks the sixth anniversary of SWAYATT (Startups, 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 startups 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 organization in India. This migration is expected to enhance the platform's scalability, ensuring a secure, reliable, and seamless experience for both buyers and sellers.

Government e-Marketplace (GeM) is an online platform for public procurement in India which was envisaged by Prime Minister Narendra Modi.

The initiative was launched on August 09, 2016 by the Ministry of Commerce and Industry with the objective of creating an open and transparent procurement platform for government buyers.

GeM is characterized by three core elements: openness, fairness, and inclusiveness. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)