In Q1, the services segment of FY24-25 was the major driver with a GMV of over Rs 80.5 billion, representing a growth of 330 per cent over the corresponding period in FY23- 24.
Procurement by central ministries, including CPSEs, crossed the Rs 1 lakh crore milestone in this period, with the Ministries of Coal, Defense and Oil and Gas emerging as the top buyers in this quarter. Of this GMV of Rs 1 Lakh crore, the share of CPSEs accounted for over Rs 91,000 crore.
“In the first quarter of FY23-24, procurement by central government agencies amounted to Rs 42.5 billion. This fiscal year has seen a substantial increase in its acquisitions. As key players, central agencies have continued to drive procurement reforms, reaffirming their commitment to optimize resource allocation for national development,” said Prashant Kumar Singh, CEO, GeM.
GeM has led to greater transparency, reducing opportunities for corruption, increasing participation of small sellers in the market and significantly improving time efficiency, he added.
"This reduction in transaction charges levied on the GeM platform by 33 to 96 per cent would greatly benefit our sellers and is likely to make their offerings more competitive in the market," Singh said.
GeM also launched an initiative called “The Aabhar Collection” as part of its #Vocalforlocal outlet marketplace. The Aabhar Collection features over 120 exquisite, handcrafted hampers and gift items, with select products from One District One Product (ODOP) and Geographical Indications (GI) categories priced between Rs 500 and Rs 25,000 to be used by government buyers for all their official events/ceremonies etc.
Launched in 2016 with the ambitious goal of building a robust nationwide e-procurement landscape, GeM has reframed a previously fragmented system into a comprehensive end-to-end solution that is widely used by all government buyers and serviced by a network of vendors and procurement services. all of India. suppliers, Singh added,
Procurement by central ministries, including CPSEs, crossed the Rs 1 lakh crore milestone in this period, with the Ministries of Coal, Defense and Oil and Gas emerging as the top buyers in this quarter. Of this GMV of Rs 1 Lakh crore, the share of CPSEs accounted for over Rs 91,000 crore.
“In the first quarter of FY23-24, procurement by central government agencies amounted to Rs 42.5 billion. This fiscal year has seen a substantial increase in its acquisitions. As key players, central agencies have continued to drive procurement reforms, reaffirming their commitment to optimize resource allocation for national development,” said Prashant Kumar Singh, CEO, GeM.
GeM has led to greater transparency, reducing opportunities for corruption, increasing participation of small sellers in the market and significantly improving time efficiency, he added.
"This reduction in transaction charges levied on the GeM platform by 33 to 96 per cent would greatly benefit our sellers and is likely to make their offerings more competitive in the market," Singh said.
GeM also launched an initiative called “The Aabhar Collection” as part of its #Vocalforlocal outlet marketplace. The Aabhar Collection features over 120 exquisite, handcrafted hampers and gift items, with select products from One District One Product (ODOP) and Geographical Indications (GI) categories priced between Rs 500 and Rs 25,000 to be used by government buyers for all their official events/ceremonies etc.
Launched in 2016 with the ambitious goal of building a robust nationwide e-procurement landscape, GeM has reframed a previously fragmented system into a comprehensive end-to-end solution that is widely used by all government buyers and serviced by a network of vendors and procurement services. all of India. suppliers, Singh added,
