Union Commerce and Industry Minister Piyush Goyal on Saturday said in the financial year 2022-2023, procurement of goods and services from the government portal Government e-Marketplace (GeM) has crossed the Rs 2 lakh crore mark, which is a remarkable achievement.
Commerce and Industry Minister also highlighted the role of GeM as a digital tool in the public and national interest.
"GeM is a symbol of the speed with which PM Narendra Modi has taken the country forward through modern technology," said the Minister.
He was speaking at a press conference on the landmark achievement of GeM.
Congratulating GeM and its strong ecosystem of buyers and sellers, whose unwavering support has been pivotal towards achieving this historic feat.
The Minister added that the Prime Minister desires that the Government departments run at the highest levels of integrity and transparency, with the participation of people from the remotest corners of the country and enable women entrepreneurs, startups and the MSME sector to participate in a fair and equitable manner in government procurements.
"I am confident that GeM will grow faster, the future is very bright. I would like to appeal to more and more vendors to join GeM so that they too get a chance to participate in the government procurement process", he said.
"After the GeM portal was launched in 2017, business worth about Rs 400 crore was done, and in the second year, GeM did business of about Rs 5800 crore. The business through GeM has grown from around Rs 35000 crore two years ago and tripled last year to Rs 1 lakh 6 thousand crores," the Minister informed.
Growing to Rs 2 lakh crores in 5 years shows that this experiment of the Prime Minister has been successful, he further stated.
The Minister also mentioned that India has crossed total exports of 750 billion dollars for the financial year 2022-23 and the final figure is expected to cross 765 billion dollars.
The G20 Trade and Investment Working Group Meeting was held in Mumbai recently, and also saw positive discussions, he informed.
The Union Minister expressed that India has got the Presidency of the G-20 under the leadership of Prime Minister Narendra Modi, and it is a great opportunity to showcase the achievements of the rapidly developing New India to the world.
Speaking about the Foreign Trade Policy 2023 released in New Delhi yesterday, he said that this has been welcomed by industry and trade.
"A sense of stability is reflected in the foreign trade policy," he added.
Speaking about the vision and journey ahead for GeM, the CEO of GeM P.K. Singh, thanked all the stakeholders who are the primary drivers behind GeM's reaching such great heights.
As on March 31, 2023, GeM has recorded a staggering Rs 2 lakh crore of Gross Merchandise Value (GMV) in FY 2022-23, an official release said.
Cumulatively, GeM has surpassed the Rs 3.9 lakh crore GMV since inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.47 crore, the statement stated.
GeM is catering to the diverse procurement needs of over 67,000 government buyer organisations. The portal features over 11,700 product categories with more than 32 lakh listed products, as well as over 280 service categories with more than 2.8 lakh service offerings.
Based on various studies, the minimum savings on the platform are about 10 per cent, which translates into a savings of Rs 40,000 crore worth of public money.
Government e-Marketplace (GeM) is an online platform for public procurement in India that was envisaged by the Prime Minister.
The initiative was launched on August 9, 2016, by the Ministry of Commerce and Industry with the objective of creating an inclusive, efficient, and transparent platform for buyers and sellers to carry out procurement activities in a fair and competitive manner.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)