New Delhi: As procurement of goods and services through government portal GeM will cross Rs 1.24 lakh crore in the first quarter of 2024-25, the platform will become the world's largest by the end of this year prosecutor, a senior official said Thursday.
Government e-Market (GeM) portal was launched on August 9, 2016 for online purchasing of goods and services by all ministries and departments of the central government.
"GeM has recorded gross merchandise value of Rs 1,24,761 lakh crore at the end of the first quarter, representing a quarter-on-quarter growth of 136 per cent over last year's Rs 52,670 crore," he told reporters. here GeM CEO Prashant Kumar Singh. .
He said that at this rate it will become the largest platform in the world.
South Korea's KONEPS is the largest such platform in the world. GeM occupies the second position. It is followed by GeBIZ from Singapore.
He added that procurement by central ministries, including CPSEs, crossed the Rs 1 lakh crore milestone in this period with coal, defense and oil and gas ministries emerging as the top buyers in this quarter.
"Of this lakh crore, CPSE's share accounted for over Rs 91,000 crore," Singh said, adding that during the first quarter, the services segment has been the main driver.
Purchase of services crossed Rs 80,500 during the quarter.
In 2023-24, procurement from this portal crossed Rs 4 lakh crore.
Talking about the portal initiatives, Singh said that to take forward their vision of reaching out to last mile sellers and with an aim to further simplify public procurement, they are planning to implement 'GeM SAHAYAK' program which aims to create a -Indian network platform of 6,000 to 7,000 trained and certified accredited trainers.
The Sahayaks, he said, would offer their services to potential and existing GeM sellers to navigate the portal and enhance business opportunities.
Buyers will also benefit from its services in terms of deal creation and other value-added services, Singh said.
To further promote ease of doing business, he said the platform has drastically reduced transaction charges applicable to sellers.
As per GeM's new revenue policy, sellers/service providers will be charged only 0.30 per cent of the order value (earlier 0.45 per cent) on orders worth more than Rs 5 lakh.
He added that these transaction charges would be capped at Rs 3 lakh, up from Rs 72.50 lakh that was changed earlier.
"This reduction in transaction charges levied on the GeM platform from nearly 33 per cent to 96 per cent would greatly benefit our sellers and would likely make their offerings more competitive in the market," Singh said.
To promote the government's 'vocal for local' initiative, the platform has added a 'The Aabhar Collection' page.
It showcases over 120 exquisite and handcrafted hampers and gift items, with select products from One District One Product (ODOP) and Geographical Indication (GI) categories priced between Rs 500 and Rs 25,000 to be availed by government buyers for all your official events/ceremonies.
Furthermore, he said, to maintain its prime position in the public procurement space, GeM is set to roll out its AI-based generative chatbot, GeMAI, in the next quarter.
The artificial intelligence tool has been trained to provide solutions based on nuanced analysis of queries raised by buyers and sellers through various complaint and feedback mechanisms.
“Conversational analysis and business intelligence using generative AI are also being leveraged to build a robust AI-powered chatbot,” he said.
GeM has over 1.5 lakh government buyers and over 62 lakh sellers and service providers offering a wide range of products and services.
Currently, government departments, ministries, public sector units, state governments and central armed police forces can carry out transactions through this portal.
The portal offers a wide range of products, from office supplies to vehicles. Automobiles, computers and office furniture are some of the main product categories.
Services are listed on the portal, including transportation, contracting helicopter services, logistics, waste management, webcasting and analytics.
Government e-Market (GeM) portal was launched on August 9, 2016 for online purchasing of goods and services by all ministries and departments of the central government.
"GeM has recorded gross merchandise value of Rs 1,24,761 lakh crore at the end of the first quarter, representing a quarter-on-quarter growth of 136 per cent over last year's Rs 52,670 crore," he told reporters. here GeM CEO Prashant Kumar Singh. .
He said that at this rate it will become the largest platform in the world.
South Korea's KONEPS is the largest such platform in the world. GeM occupies the second position. It is followed by GeBIZ from Singapore.
He added that procurement by central ministries, including CPSEs, crossed the Rs 1 lakh crore milestone in this period with coal, defense and oil and gas ministries emerging as the top buyers in this quarter.
"Of this lakh crore, CPSE's share accounted for over Rs 91,000 crore," Singh said, adding that during the first quarter, the services segment has been the main driver.
Purchase of services crossed Rs 80,500 during the quarter.
In 2023-24, procurement from this portal crossed Rs 4 lakh crore.
Talking about the portal initiatives, Singh said that to take forward their vision of reaching out to last mile sellers and with an aim to further simplify public procurement, they are planning to implement 'GeM SAHAYAK' program which aims to create a -Indian network platform of 6,000 to 7,000 trained and certified accredited trainers.
The Sahayaks, he said, would offer their services to potential and existing GeM sellers to navigate the portal and enhance business opportunities.
Buyers will also benefit from its services in terms of deal creation and other value-added services, Singh said.
To further promote ease of doing business, he said the platform has drastically reduced transaction charges applicable to sellers.
As per GeM's new revenue policy, sellers/service providers will be charged only 0.30 per cent of the order value (earlier 0.45 per cent) on orders worth more than Rs 5 lakh.
He added that these transaction charges would be capped at Rs 3 lakh, up from Rs 72.50 lakh that was changed earlier.
"This reduction in transaction charges levied on the GeM platform from nearly 33 per cent to 96 per cent would greatly benefit our sellers and would likely make their offerings more competitive in the market," Singh said.
To promote the government's 'vocal for local' initiative, the platform has added a 'The Aabhar Collection' page.
It showcases over 120 exquisite and handcrafted hampers and gift items, with select products from One District One Product (ODOP) and Geographical Indication (GI) categories priced between Rs 500 and Rs 25,000 to be availed by government buyers for all your official events/ceremonies.
Furthermore, he said, to maintain its prime position in the public procurement space, GeM is set to roll out its AI-based generative chatbot, GeMAI, in the next quarter.
The artificial intelligence tool has been trained to provide solutions based on nuanced analysis of queries raised by buyers and sellers through various complaint and feedback mechanisms.
“Conversational analysis and business intelligence using generative AI are also being leveraged to build a robust AI-powered chatbot,” he said.
GeM has over 1.5 lakh government buyers and over 62 lakh sellers and service providers offering a wide range of products and services.
Currently, government departments, ministries, public sector units, state governments and central armed police forces can carry out transactions through this portal.
The portal offers a wide range of products, from office supplies to vehicles. Automobiles, computers and office furniture are some of the main product categories.
Services are listed on the portal, including transportation, contracting helicopter services, logistics, waste management, webcasting and analytics.
