Government e-Marketplace registers highest ever Gross Merchandise Value of more than 2 lakh crore in FY 2022-23

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....overnment e-Marketplace registers highest ever Gross Merchandise Value of more than 2 lakh crore in FY 2022-23 <br>News and Press Release<br>Dated:- 2-8-2023<br><BR>GeM has facilitated savings worth more than &#8377; 40,000 crore since its inception In Financial Year 2022-23, Government e-marketplace (GeM) registered its highest ever Gross Merchandise Value of &#8377; 2,01,113 crore. Time and ag....

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....ain, multiple studies have pointed out the impact created by GeM in terms of procurement savings to government buyers, including those by the World Bank and the National Economic Survey. A World Bank study in 2020 estimated an average of 9.75% cost savings via GeM and noted a significant increase in participation of sellers. The Economic Survey 2021-22 included a cost comparison of offer prices f....

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....or 22 common use goods listed on GeM versus listings on popular online platforms like Amazon and Flipkart. Prices on GeM were observed to be 9.5% lower in comparison with other online platforms for 10 out of 22 commodities. Gross Merchandise Value (GMV) of GeM in &#8377; crore in the last 3 completed financial years 2020-21 38,573 2021-22 106,547 2022-23 201,113 GeM has achieved a cumula....

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....tive GMV of more than 4.5 lakh crore until 23rd July 2023 (since inception). Hence, considering the saving estimates as reported above, GeM has facilitated savings worth more than &#8377; 40,000 crore since its inception. Major Features enabling savings: Higher seller participation, real-time price comparison, bulk discounts, better price discovery functionalities such as competitive bidding, rev....

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....erse auction and demand aggregation. GeM aims to bring transparency, efficiency, and fairness to the Government procurement process. It benefits stakeholders in several ways, allowing them to participate in a fair and equitable manner. GeM encourages fair and equitable participation from all stakeholders in the Government procurement process, fostering a competitive and efficient marketplace. It ....

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....enhances transparency, promotes inclusivity, and ensures that the best products and services are procured at the most competitive prices for the Government. This information has been provided by the Union Minister of State for Commerce and Industry, Smt. Anupriya Patel in a written reply in the Lok Sabha today.<BR> News - Press release - PIB....