Procurement through GeM crosses Rs 2 lakh cr in 2022-23

NEW DELHI: Procurement of goods and services from government portal Government e Marketplace(GeM) has crossed the Rs 2 lakh crore mark in the financial year 2022-2023.

Terming it a remarkable achievement, Union Commerce and Industry Minister Piyush Goyal highlighted the role of GeM as a digital tool in the public and national interest.

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

"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's procurement process," he said.

After the GeM portal was launched, business worth about Rs 400 crore was done, and in the second year, GeM did business of about Rs 5,800 crore. The business through GeM has grown from around Rs 35,000 crore two years ago and tripled last year to Rs 1,06,000, the Minister informed. Growing to Rs 2 lakh crore in five 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, 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 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 the national capital on Friday, he said that this has been welcomed by industry and trade bodies.

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

GeM, an online platform for public procurement in India, was launched on August 9, 2016 with the objective of creating an inclusive, efficient, and transparent platform for the buyers and sellers to carry out procurement activities in a fair and competitive manner.