This achievement highlights how quickly GeM has developed into a crucial public procurement platform that serves more than 1.6 lakh government entities throughout India.
The Ministry of Commerce & Industry said in a statement on Monday that the platform's development has been especially remarkable, going from Rs. 4 lakh crore to Rs. 5 lakh crore in less than 50 days since January 23.
GeM implemented significant regulatory changes in recent months to improve market accessibility and assist a variety of sellers, including as startups, women-led enterprises, and Micro and Small Enterprises (MSEs). Modifications including the removal of caution money requirements, vendor assessment fees, and transaction fees have increased the platform's inclusivity. With more than 22 lakh merchants and service providers registered on GeM as of February 13, the procurement environment is lively and competitive.
GeM has helped the public save more than Rs. 1,15,000 crore. The platform's registered purchasers include departments, ministries, public sector businesses, and municipal governments, enabling digital procurement at all governmental levels.
GeM is dedicated to supporting innovation, increasing inclusivity, and providing value to both government buyers and sellers as it continues on its upward trajectory. This will strengthen India's public procurement ecosystem and aid in the nation's economic development.
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