India's GeM to Emerge as Global Leader in Public Procurement

India's Govt e Marketplace to Become World's Largest Public Procurement Platform This Fiscal

New Delhi, April 25, 2023: The Government of India's e-marketplace (GeM) is poised to become the world's largest public procurement platform this fiscal, surpassing the size of similar platforms in the United States and the United Kingdom.

Growth and Achievements

GeM has witnessed exponential growth since its launch in 2016. In the last fiscal year, the platform recorded a gross transaction value (GTV) of over USD 60 billion, representing a surge of over 50% compared to the previous year. The platform currently hosts over 100,000 sellers and 600,000 products and services.

Driving Factors

Several factors have contributed to GeM's rapid growth and imminent global dominance:

* Mandatory Use: All government agencies and public sector undertakings are mandated to use GeM for their procurement needs.

* Transparency and Efficiency: The platform provides a transparent and efficient procurement process, reducing delays and corruption.

* Wide Product Range: GeM offers a vast selection of products and services, meeting the diverse needs of government departments.

* Supplier Empowerment: The platform empowers small and medium-sized enterprises (SMEs) by providing them with a level playing field to compete for government contracts.

International Recognition

The international community has recognized GeM's success. In 2022, the World Bank Group praised GeM as a "game-changer" in public procurement. The platform has also attracted interest from several countries looking to emulate its model.

Benefits for India

GeM's growth has significant benefits for India, including:

* Reduced Corruption: The transparent and competitive bidding process on GeM discourages corruption and ensures the fair allocation of contracts.

* Economic Stimulus: The platform supports domestic industry, especially SMEs, by providing them with access to government procurement opportunities.

* Job Creation: The growth of GeM's supplier ecosystem is creating employment opportunities and boosting the manufacturing sector.

Outlook

With its robust growth trajectory and global recognition, GeM is well-positioned to become the world's largest public procurement platform this fiscal. The platform's continued success will further enhance transparency, efficiency, and economic development in India.

Quotes

"GeM's meteoric rise is a testament to the Indian government's commitment to innovation and digitization," said a senior official from the Ministry of Commerce and Industry. "This platform will continue to play a vital role in shaping the future of public procurement."

"GeM is a game-changer for SMEs," said a spokesperson for the Confederation of Indian Industry. "It provides us with an equal opportunity to compete with larger companies and contribute to the growth of the Indian economy."

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