New Delhi: Government e-Market (GeM) procurement is anticipated to reach Rs 3.5 trillion by the end of the current fiscal year, a senior government official revealed, indicating a significant uptick in buying activities by various ministries and departments.
The GeM portal facilitates online purchases of goods and services by all central government ministries and departments. GeM CEO P K Singh disclosed that current procurement stands at Rs 2.4 trillion, and based on the prevailing trend, it is expected to touch Rs 3.50 trillion by the fiscal year-end.
In the previous fiscal year (2021-22), procurement values amounted to Rs 1.06 trillion, surpassing Rs 2 trillion last year. Singh attributed the growing role of 245 CPSEs, including Coal India, SAIL, NTPC, and SBI, in total procurement.
Five entities leading in procurement value this fiscal year include Coal India, National Thermal Power Corporation, Steel Authority of India, Bharat Dynamics, and Bharat Heavy Electricals Ltd.
Singh noted that CPSEs have exceeded the Rs 1 trillion mark in just 6.5 months of the 2023-24 fiscal year, contributing 63% to the total procurement on GeM.
The GeM portal boasts over 63,000 government buyer organisations and more than 62 lakh sellers and service providers. Currently, government departments, ministries, public sector units, state governments, and central armed police forces are authorised to conduct transactions through GeM.
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