Business

GeM Surpasses Rs 5 Lakh Crore GMV Ahead Of Schedule

The commerce ministry on Monday announced that the Government e-Marketplace (GeM) has crossed a major milestone, exceeding Rs 5 lakh crore in Gross Merchandise Value (GMV) well before the financial year 2024-25 concludes.

This achievement solidifies GeM’s role as a key facilitator of public procurement, catering to over 1.6 lakh government entities.

The latest Rs 1 lakh crore surge in GMV was achieved in less than 50 days since reaching the Rs 4 lakh crore mark on 23 January 2025.

Recent policy changes have contributed to this rapid growth, making it easier for sellers to participate in government procurement.

Measures such as lower Transaction Charges, reduced Vendor Assessment fees, and relaxed Caution Money requirements have particularly benefited Micro and Small Enterprises (MSEs), startups, and women-led businesses.

By 13 February 2025, the platform had registered more than 22 lakh sellers and service providers.

This year also marks the sixth anniversary of SWAYATT (Startups, Women, and Youth Advantage Through eTransactions), reinforcing GeM’s commitment to integrating priority seller groups into the procurement ecosystem.

So far, over 29,000 startups and 1.8 lakh Udyam-verified women-led businesses have joined the platform, further promoting inclusivity and economic empowerment.

GeM has also invested in technological upgrades to enhance procurement efficiency.

One of its major initiatives in FY 2024-25 was executing one of India’s largest cloud migrations by a government entity.

This shift will likely improve platform scalability and ensure a seamless experience for buyers and sellers alike.

Prime Minister Narendra Modi envisioned GeM as a transparent and open procurement system for government buyers, launching it on 9 August 2016 under the Ministry of Commerce and Industry.

It continues to operate on the principles of openness, fairness, and inclusivity.

Also Read: ISRO Achieves Milestone With Successful SpaDeX Mission De-Docking

Mankrit Kaur

Recent Posts

India Slams Pakistan For Spreading Lies; Asks Islamabad To Vacate Occupied Territory

Jaiswal responded after Pakistan's Foreign Office on Monday called Prime Minister Narendra Modi's remarks about…

16 mins ago

Nagpur Violence: 50 Arrested, 33 Police Injured As Curfew Remains In Place

Nagpur remains tense under curfew after protests over Mughal ruler Aurangzeb’s tomb led to violence.…

3 hours ago

PM Modi Meets Ilaiyaraaja; Lauds His Historic Symphony Performance

PM Narendra Modi shared glimpses of his meeting with renowned music composer Ilaiyaraaja, praising his…

3 hours ago

Supreme Court Grants Additional Time To Central Government For Reply In CBI Investigation Case

Supreme Court has granted the Central Government additional time to file its reply on a…

4 hours ago

MIAL Proposes Tariff Revision To Fund Infrastructure Upgrades

MIAL has proposed its first tariff revision since 2021 to AERA, focusing on infrastructure and…

4 hours ago

SC To Hear Petition Against Arunachal CM Pema Khandu Over Alleged Contract Irregularities

The Supreme Court will hear in July a plea for a CBI or SIT probe…

5 hours ago