GeM sets new benchmark, crosses Rs 4 lakh crore GMV within 10 months of FY25
Government e Marketplace Achieves Record Growth in 2024-25
The Government e Marketplace (GeM) in India has achieved a significant milestone by surpassing last year's Gross Merchandise Value (GMV) of Rs 4 lakh crore within just 10 months of the fiscal year 2024-25. As of January 23, 2025, GeM recorded a GMV of Rs 4.09 lakh crore, marking a 50% growth compared to the same period last year.
Segment-Wise Growth
The services segment contributed Rs 2.54 lakh crore, accounting for 62% of the total GMV, while the product segment contributed Rs 1.55 lakh crore, making up 38%. The services segment has grown by nearly 100% compared to the previous year, driven by the introduction of 19 new service categories.
Key Contributors
Central government entities have been major contributors to this growth. The Ministry of Coal emerged as the top procurer with a transaction value of Rs 1.63 lakh crore, placing over 320 high-value bids worth approximately Rs 42,000 crore for handling and transport services.
Platform Efficiency
GeM has facilitated over 2.59 crore orders with a GMV exceeding Rs 11.64 lakh crore since its inception. It processed 49,960 orders in a single day during the current financial year, showcasing its efficiency and robustness.
GeM has become a trusted platform for procuring both everyday essentials and complex items, streamlining procurement processes and handling high-volume transactions effectively.
Doubts Revealed
Government e Marketplace
The Government e Marketplace, or GeM, is an online platform in India where government departments can buy goods and services. It's like a big online shopping website, but only for government use.
Gross Merchandise Value (GMV)
Gross Merchandise Value, or GMV, is the total value of all the goods and services sold through a marketplace. It's like counting all the money made from selling things on a website.
Rs 4 lakh crore
Rs 4 lakh crore is a way to say 4 trillion rupees, which is a very large amount of money. In India, 'lakh' means 100,000 and 'crore' means 10 million.
Fiscal year 2024-25
A fiscal year is a 12-month period used for accounting purposes. The fiscal year 2024-25 means it starts in 2024 and ends in 2025.
Services segment
The services segment refers to the part of the marketplace that deals with selling services, like cleaning or IT support, instead of physical products.
Ministry of Coal
The Ministry of Coal is a part of the Indian government responsible for managing coal resources and policies in India. They help make sure there's enough coal for energy and other uses.
2.59 crore orders
2.59 crore orders means 25.9 million orders. In India, 'crore' is a unit that equals 10 million.
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