GeM's Remarkable Growth: Surpasses Rs 4 Lakh Crore GMV Milestone in FY 2024-25

The Government e Marketplace (GeM) has achieved a Gross Merchandise Value (GMV) of Rs 4.09 Lakh Crore within 10 months of FY 2024-25, marking a near 50% increase compared to the previous year. Notable growth in the services segment fuels this performance, driven by diversified procurement needs of government entities.

In a remarkable achievement, the Government e Marketplace (GeM) has exceeded its previous fiscal year's Gross Merchandise Value (GMV) record of Rs 4 lakh crore just 10 months into the current fiscal year of 2024-25, the Ministry of Commerce and Industry announced on Friday. As of January 23, 2025, GeM's GMV stands at Rs 4.09 Lakh Crore, representing a nearly 50% increase from the same period last year.

The services segment has notably driven this growth, accounting for Rs 2.54 Lakh Crore, or 62% of the total GMV. The product segment contributed Rs 1.55 Lakh Crore, translating to 38% of the GMV. The surge in services, which have doubled since last year, highlights GeM's focus on expanding its range of offerings, adding 19 new service categories in the process.

GeM's ability to facilitate the procurement of both everyday and specialized services, including sophisticated technological systems and defense components, has been instrumental in its success. Key government sectors like Coal, Defence, Petroleum, Power, and Steel are significant contributors, with the Ministry of Coal alone processing orders worth Rs 1.63 Lakh Crore. This rapid and seamless growth underscores GeM's essential role in government procurement.

(With inputs from agencies.)