Procurement via GeM portal above Rs 3 lakh crore so far this fiscal

India’s public procurement portal Government e-Marketplace (GeM) has facilitated sales of around Rs 3 trillion so far in the current financial year, which suggests that it will surpass last year’s performance by a wide margin.

In 2023-24 the portal handled procurement of Rs 4 trillion by the government departments in both centre and states, and public sector enterprises. In last financial year the gross merchandise value of transactions on the portal had doubled on year.

Also ReadFirst Trilateral Power Transaction from Nepal to Bangladesh via Indian Grid Takes Off

Since the start of operations in 2017-18 the GeM has enabled transactions of close to Rs 11 trillion, a senior official said.

Also Read Government purchases 121 LT paddy from Punjab, 65% of target met What will be the value of Rs 1 crore in 20, 30 and 50 years from now after adjusting inflation? Kolkata Metro Update: Services on Blue Line to commence at 7 am this Sunday – Here’s why From 10 smart bus stops to hospital to two walkways – Here are the latest projects launched at Statue of Unity site

The GeM started offering services to its clients from 2021 and since then the total value of services procured using the portal has crossed Rs 4.84 trillion. Procurement of services through GeM was Rs 1.73 trillion in the first seven months of this financial year.

In October the GeM signed the Memorandum of Understanding (MoU) with Sikkim to facilitate procurement by the state on the platform. “That covers all the states under GeM,” the official said. Apart from the big government agencies, the GeM has also onboarded panchayats and cooperatives.

The procurement by the central organisations on the portal in October stood at around Rs 30,264 crore. About 27 bids were awarded with a value of over Rs 100 crore.

The official said that since inception more than 9.7 lakh micro, small and medium enterprises have registered on GeM, receiving orders of over Rs 4.19 lakh crore or around 40% of the total. About 27,196 startups registered on the portal have processed orders worth Rs 29,412 crore. On GeM 1.69 lakh women led medium and small enterprises have processed over 23 lakh orders worth Rs 41,126 crore.

Also ReadLobby for change,  » Read More

Related Articles

BluSmart denies reports of acquisition discussions with Uber

EV cab aggregator BluSmart has denied reports of being in discussions or negotiations with Uber regarding a possible acquisition. A spokesperson from BluSmart told CNBC TV18 that reports suggesting such a development are entirely speculative and unfounded.  The company spokesperson further maintained that BluSmart remains focused on scaling its operations, expanding its footprint, and driving

Welspun Corp bags new orders worth Rs 2,400 crore for supply of coated pipes in the US

Welspun Corp Ltd on Monday announced that it has received a new order worth Rs 2,400 crore (approx) in the US. The order, it added, is for supply of coated pipes for Natural Gas Pipeline Projects in the USA.  In a regulatory filing, the company said that the orders will be executed largely during FY26

Can the Nifty scale past 23,000 this week? A look at key levels to watch

All eyes are on the market levels this week after the Nifty failed to close above 22,500 last week. Positive global cues are expected to boost sentiment. Market participants have noted that the Nifty 50 needs to jump above the 22,500 mark decisively for an uptrend as this has become a key resistance level while

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

BluSmart denies reports of acquisition discussions with Uber

EV cab aggregator BluSmart has denied reports of being in discussions or negotiations with Uber regarding a possible acquisition. A spokesperson from BluSmart told CNBC TV18 that reports suggesting such a development are entirely speculative and unfounded.  The company spokesperson further maintained that BluSmart remains focused on scaling its operations, expanding its footprint, and driving

Welspun Corp bags new orders worth Rs 2,400 crore for supply of coated pipes in the US

Welspun Corp Ltd on Monday announced that it has received a new order worth Rs 2,400 crore (approx) in the US. The order, it added, is for supply of coated pipes for Natural Gas Pipeline Projects in the USA.  In a regulatory filing, the company said that the orders will be executed largely during FY26

Can the Nifty scale past 23,000 this week? A look at key levels to watch

All eyes are on the market levels this week after the Nifty failed to close above 22,500 last week. Positive global cues are expected to boost sentiment. Market participants have noted that the Nifty 50 needs to jump above the 22,500 mark decisively for an uptrend as this has become a key resistance level while

Upcoming Dividend, Bonus, Stock Split: From PFC to IRFC, A look at key corporate action this week

For stock market investors, few things are as exciting as corporate rewards such as dividends landing in their accounts, extra shares through bonuses, or stock splits making pricey stocks more affordable. And this week, there is a lot happening on that front. Some of the most watched stocks include Indian Railway Finance Corporation (IRFC), Power

Upcoming IPOs: 1 mainboard, 3 SME issues open for subscription this week, 2 new listings to hit the market

The IPO market is back in action. After a relatively quiet spell, the primary market is heating up again with four new public issues set to open for subscription this week. Investors can look forward to one mainboard IPO and three SME IPOs hitting the Street, while two recently concluded issues will make their market