Govt's e-marketplace GMV up 75%, to touch 3.5 trillion in FY24

The gross merchandise value (GMV) of state-run government e-marketplace (GeM) may be up by 75% and touch 3.5 trillion in the current financial year, as government departments have been busy procuring goods and services through the portal, two persons said.

The expected GMV will be up by 1.5 trillion from the last fiscal's 2 trillion. Currently, the state-run procurement portal is offering a diverse range of 11,880 products and 320 services to its over 70,000 government clientele.

The GeM has experienced substantial growth in procurement of goods and services, reaching a milestone of ₹2.5 trillion and four million orders in FY2023-24 until the end of December, said one of the people cited above, speaking anonymously.

The procurement of services on GeM has experienced significant growth over the past two-three years, rising from 8,500 crore in FY2020-21 to 166,000 crore in FY2022-23. Within the first nine months of the current fiscal, the GMV of services had already exceeded ₹1.17 trillion, said this person.