Piyush Goyal lauds GeM crossing Gross Merchandise Value of Rs. 2 lakh crore in 2022–23

The Commerce and Industry Minister highlighted the role of GeM as a digital tool in the public and national interest. 

GeM is a symbol of the speed with which PM Narendra Modi has taken the country forward through modern technology, said the Minister.

He was speaking at a press conference on the landmark achievement of GeM.

Union Commerce and Industry Minister Piyush Goyal congratulated GeM and its strong ecosystem of buyers and sellers, whose unwavering support has been pivotal towards achieving this historic feat.

The Minister added that the Prime Minister desires that the Government departments run at the highest levels of integrity and transparency, with participation of people from the remotest corners of the country and enables women entrepreneuers, startups and the MSME sector to participate in a fair and equitable manner in government procurements.

“I am confident that GeM will grow faster, the future is very bright. I would like to appeal to more and more vendors to join GeM so that they too get a chance to participate in the government procurement process”,  he also said.

After the GeM portal was launched in 2017, business worth about Rs 400 crore was done, and in the second year, GeM did business of about Rs 5800 crore.

The business through GeM has grown from around Rs 35000 crore two years ago and tripled last year to Rs 1 lakh 6 thousand crores, the Minister informed. Growing to Rs 2 lakh crores in 5 years shows that this experiment of the Prime Minister has been successful, he further stated.

The Minister also mentioned that India has crossed total exports of 750 billion dollars for the financial year 2022-23 and the final figure is expected to cross 765 billion dollars.

The G20 Trade and Investment Working Group Meeting was held in Mumbai recently, also saw positive discussions, he informed.

The Union Minister expressed that India has got the Presidency of the G-20 under the leadership of Prime Minister Narendra Modi, and it is a great opportunity to showcase the achievements of the rapidly developing New India to the world.

Speaking about the Foreign Trade Policy 2023 released in New Delhi yesterday, he said that this has been welcomed by industry and trade.

A sense of stability is reflected in the foreign trade policy, he added.

Speaking about the vision and journey ahead for GeM, CEO of GeM P.K. Singh, thanked all the stakeholders who are the primary drivers behind GeM's reaching such great heights.

As on 31st March 2023, GeM has recorded a staggering ₹ 2 lakh crore of Gross Merchandise Value (GMV) in FY 2022-23.

Cumulatively, GeM has surpassed the ₹ 3.9 lakh crore GMV since inception, with the overwhelming support of its stakeholders.

The total number of transactions on GeM has also crossed 1.47 crore. GeM is catering to the diverse procurement needs of over 67,000 government buyer organisations.

The portal features over 11,700 product categories with more than 32 lakh listed products, as well as over 280 service categories with more than 2.8 lakh service offerings.

Based on various studies, the minimum savings on the platform are about 10%, which translates into a savings of ~ ₹ 40,000 crore worth of public money.