Government portal Gem expects to report over Rs 4 lakh crore procurement in FY24

The government expects goods and services procurement on its Government E-Marketplace portal to exceed Rs 4 lakh crore by the end of the 2024 financial year thanks to increased purchasing activities by numerous government departments. 

“As of today, the procurement has crossed Rs 3 lakh crore and going by the trend, the procurement this fiscal will reach Rs 4 lakh crore,” the Gem portal’s CEO P K Singh told the Press Trust of India. “Gem’s expansion into the services sector has played a pivotal role in driving its accelerated adoption. Services sector contribution in the total procurement has increased from 23% in 2021 to 2022 [financial year] to 50% this fiscal [2023 to 2024].”
 
The government first launched the Gem portal in August 2016 to enable it to purchase goods and services online such as uniforms and accessories. By creating an online marketplace for all government ministries to use, procurement would be easier to track and Indian businesses in a wide variety of sectors have the opportunity to join and boost their business. 

The Gem portal currently counts over 63,000 government buyer organisations, ET Bureau reported. Over 62 lakh sellers have products listed on the portal and the government is encouraging its various organisations to carry out their public procurement processes on Gem.