News on Medial

GeM's GMV Doubles In FY24 To Cross The INR 4 Lakh Cr Mark

Inc42 · 1y

Procurement of goods and services through the Government e-Market (GeM) portal has doubled in FY24, surpassing INR 4 lakh crore. The significant growth in services procurement contributed to this increase, with the GMV rising by 205% compared to the previous year. GeM, launched in 2016, is a marketplace for central government ministries, departments, and state governments to purchase goods and services. Notably, states like Gujarat, Uttar Pradesh, and Delhi exceeded their public procurement targets. GeM has also supported marginalized seller segments and partnered with Startup Mahakumbh to onboard more startups.