New Delhi, July 11 (Agency) Driven by services segment, the Government eMarketplace (GeM) has posted a whopping 136% year-on-year growth in gross merchandise value (GMV) during April-June quarter (Q1) of current financial year 2024-25. The GeM had posted a total GMV of Rs 52,670 crore in the corresponding quarter of the previous financial year 2023-24. “In Q1, FY 24-25 services segment has been the prime mover clocking a GMV of more than Rs 80,500 crore representing a growth of 330% over corresponding period in FY 23-24,” an official statement said on Thursday. Procurement by central ministries including state-owned enterprises surpassed the Rs 1 lakh crore milestone in the June quarter of FY25 with Ministries of Coal, Defence and Petroleum & Natural Gas emerging as the top procurers in this quarter. Of this Rs 1 lakh crore GMV, CPSEs’ share accounted for more than Rs 91,000 crore.
“In Q1 FY 23-24, procurement by central government bodies stood at Rs 42,500 crore. This financial year (there) has seen a substantial surge in their procurement. As key participants, Central bodies have continued to drive procurement reforms, reaffirming their commitment to optimising resource allocation for national development,” stated Prashant Kumar Singh, CEO, GeM. Launched in 2016, the GeM has reformulated a previously fragmented system into a comprehensive one-stop-solution that is widely used by all government buyers and serviced by a pan-India network of sellers and service providers. “To maintain its pole position in the public procurement space, GeM is all set to deploy its generative AI-based chatbot called “GeMAI” in the coming quarter. The AI tool has been trained to provide solutions based on a nuanced analysis of queries raised by Buyers and Sellers through various complaint and feedback mechanisms,” the government e-Marketplace said.