GeM Portal Rises to Become World's Largest Online Procurement Platform

Government e-Market (GeM) portal achieves a record gross merchandise value of Rs 1.24 lakh crore in the first quarter of 2024-25, aiming to become the world's largest procurement platform. The portal supports government ministries and departments with reduced transaction charges and new AI-based services.

With the procurement of goods and services through the government's GeM portal surpassing Rs 1.24 lakh crore in the first quarter of 2024-25, the platform is on track to become the world's largest online procurement platform by the end of this fiscal year, a senior official revealed on Thursday.

The Government e-Market (GeM) portal, launched on August 9, 2016, facilitates online purchases for all central government ministries and departments. Prashant Kumar Singh, CEO of GeM, announced that the portal achieved a gross merchandise value of Rs 1,24,761 crore, showing a 136% quarter-on-quarter growth from last year's Rs 52,670 crore.

The portal, which is currently the second-largest in the world, aims to outpace South Korea's KONEPS and Singapore's GeBIZ. In the last quarter, central ministries, including CPSEs, have procured over Rs 1 lakh crore through the portal, with services being the leading sector. Additionally, new initiatives like the 'GeM SAHAYAK' program and reduced transaction charges are set to expedite further growth.

(With inputs from agencies.)