Government E-Marketplace expects to cross Rs 4 lakh crore GMV by FY24 end, holds talk at Startup Mahakumbh | Maqvi News

The Government E-Marketplace expects to exceed Rs 4 lakh core in gross merchandise value by the end of the 2024 financial year on March 31 which would represent a doubling of its GMV total of Rs 2 crore for the 2023 financial year. 

“Regarding GMV, we are close to crossing the Rs 4 lakh crore mark in this financial year,” said GeM’s additional CEO and chief seller officer Ajit B Chavan on the sidelines of the Startup Mahakumbh event in New Delhi, ET Retail reported. 
 
Representatives of the GeM took part in a panel discussion at Startup Mahakumbh. “During their discussion, they highlighted GeM’s transformative initiatives such as Startup Runway, Womaniya, and SWAYATT- Startups, Women & Youth Advantage Through eTransactions on Government,” announced Government E-Marketplace GeM on Facebook. “By providing dedicated platforms and support systems, GeM is not just simplifying e-procurement but also nurturing the growth of startups across India. Reinforcing gender diversity with initiatives like Womaniya, GeM is providing a conducive ecosystem for startup innovation.”

The GeM reported in February that its procurement had crossed Rs 3 lakh crore, the Press Trust of India reported at the time. The portal attributed its growth to its expansion into the services sector among other factors. 
 
The GeM portal currently counts more than 63,000 government buyer organisations, ET Bureau reported. Over 62 lakh sellers have products listed on the portal and the government is encouraging its various organisations to carry out their public procurement processes on GeM to streamline operations. 
 
The government first launched the GeM portal in August 2016 to enable it to purchase goods and services online such as uniforms and accessories for its various departments. By creating an online marketplace for all government ministries to use, procurement would be easier to track and Indian businesses in a wide variety of sectors have the opportunity to join and boost their business.