GeM Crosses ₹15 Lakh Crore in Cumulative Gross Merchandise Value
The Government e-Marketplace (GeM) has achieved a significant milestone by crossing ₹15 lakh crore in cumulative Gross Merchandise Value (GMV) since its inception in 2016. This remarkable feat is a testament to the trust and confidence reposed by stakeholders in GeM’s mission to create a transparent, accountable, and digitally empowered procurement ecosystem in the country.
GeM’s CEO, Mihir Kumar, expressed his delight at this achievement, saying, “Crossing ₹15 lakh crore GMV milestone is a testimony to the trust our stakeholders have placed in GeM. We are committed to building a seamless and efficient procurement platform that meets the needs of all our users.” He added, “Together, we’re building a procurement ecosystem aligned with the vision of Viksit Bharat, where procurement is done in a transparent, accountable, and digitally empowered manner.”
GeM, launched in 2016, is a pioneering e-marketplace initiative of the Indian government to streamline public procurement processes. The platform has been designed to provide a single-point access to all government buyers, enabling them to procure goods and services seamlessly and efficiently. Since its inception, GeM has been working towards creating a robust and user-friendly platform that facilitates transparent and accountable procurement practices.
The cumulative GMV milestone is a significant achievement for GeM, marking a major milestone in its journey towards becoming the largest and most efficient e-marketplace in the country. This achievement is a testament to the trust and confidence reposed by stakeholders in GeM’s mission to create a procurement ecosystem that is transparent, accountable, and digitally empowered.
GeM’s success can be attributed to its user-friendly interface, robust infrastructure, and innovative features that cater to the needs of all its users. The platform offers a range of benefits, including increased transparency, reduced corruption, and faster procurement processes. GeM has also been successful in reducing the procurement cycle time, with an average cycle time of just 14 days.
GeM has been recognized globally for its innovative approach to procurement and its commitment to creating a transparent and accountable procurement ecosystem. The platform has been awarded several prestigious awards, including the ‘Best e-Government Solution’ award at the 2019 India Digital Awards.
GeM’s success has also led to increased adoption of the platform by government buyers and sellers. The platform now has over 2.5 lakh registered sellers and 2.2 lakh registered buyers, with over 1.5 lakh transactions taking place every month. GeM has also been successful in reducing the average cost of procurement, with an average cost reduction of 15% compared to traditional procurement methods.
GeM’s cumulative GMV milestone is a significant achievement that reflects the trust and confidence reposed by stakeholders in the platform. This achievement is a testament to the hard work and dedication of the GeM team, who have worked tirelessly to create a robust and user-friendly platform that meets the needs of all its users.
In conclusion, GeM’s crossing of the ₹15 lakh crore GMV milestone is a significant achievement that reflects the trust and confidence reposed by stakeholders in the platform. This achievement is a testament to the hard work and dedication of the GeM team, who have worked tirelessly to create a robust and user-friendly platform that meets the needs of all its users. As GeM continues to grow and evolve, it is poised to become the largest and most efficient e-marketplace in the country, playing a key role in creating a transparent, accountable, and digitally empowered procurement ecosystem.
