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

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

14 mins ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

21 mins ago

CJI BR Gavai Highlights Technology’s Historic Role In India’s Judicial System

CJI BR Gavai during the academic forum at the School of Oriental and African Studies…

50 mins ago

Jaishankar Reaffirms India’s Zero Tolerance Policy On Terrorism In Talks With UK Foreign Secretary Lammy

External Affairs Minister S Jaishankar on Saturday met UK Foreign Secretary David Lammy and appreciated…

1 hour ago

HM Amit Shah Hails Anti-Naxal Success; Pledges Continued Drive For Peace

Amit Shah lauded the success of recent anti-Naxal operations in Chhattisgarh and expressed his desire…

1 hour ago

Defence Minister Rajnath Singh Reaffirms India’s Zero Tolerance For Terrorism

Defence Minister Rajnath Singh on Saturday reaffirmed India's firm zero tolerance policy towards terrorism and…

1 hour ago