home Advertise
With Us

GeM: 205% jump recorded in service procurement by govt from MSMEs in FY24

The order value of goods and services sold by MSMEs via GeM had doubled in FY24 from the previous fiscal.

Services purchased by various government departments and central public sector enterprises (CPSEs) from MSMEs via the public procurement platform Government eMarketplace (GeM) saw a significant jump of 205 per cent in the financial year 2023-24. 

In a post on X (formerly Twitter), GeM said the gross merchandise value (GMV) of services on GeM reached an “unprecedented Rs 2.07 lakh crore contributing to nearly 50 per cent of the total GeM GMV.” 

The portal said it has grown its services portfolio by launching 36 new services on the platform. Currently, there are 320 services and 11,926 product categories listed on GeM. “The platform is well-equipped to cater to all the dynamic needs of government buyers across levels of administration!” the platform said on X.

For the uninitiated, the order value of goods and services sold by MSMEs via GeM had doubled in FY24 from the previous fiscal. As per data from the portal, GeM’s total order value or gross merchandise value (GMV) jumped to Rs 4.03 lakh crore in FY24 with over 62 lakh orders processed vis-a-vis Rs 2.01 lakh crore in FY23, on the back of growth in goods and services procured by various government departments and enterprises. 

As of June 14, GeM’s GMV stood at Rs 1.01 lakh crore with over 8 lakh orders facilitated. The GMV so far had a 41 per cent share of micro and small enterprises. 

Meanwhile, the value of overall procurement from MSEs in FY24 had hit a new high. According to the data available on the MSME Ministry’s public procurement monitoring portal MSME Sambandh, CPSEs had made procurement worth Rs 75,253 crore from MSEs in FY24, growing by 16.2 per cent from Rs 64,721 worth of procurement made in FY23, FE Aspire had reported.