India's GeM: World's 3rd largest e-commerce platform

Utkarsh Classes Last Updated 30-03-2024

India's GeM: World's 3rd largest e-commerce platform

Banking and Finance 4 min read

India's 'Government e-Market' (GeM) portal is the world's third largest e-commerce platform for public procurement after Korea's On-Line e-Procurement System (KONEPS) and Singapore's GeBIZ.

GeM's total sales value crosses Rs 4 lakh crore:

According to GeM CEO PK Singh, GeM ended this financial year with a gross merchandise value (GMV) of over Rs 4 lakh crore. This is almost 100% more than the GMV at the end of the last financial year. This demonstrates its unique potential to promote digital inclusion.
GMV denotes the aggregate worth of products or services traded during a defined timeframe.
Launched in August 2016, GeM recorded total orders worth Rs 17,445 crore in 2018-19. This gradually increased to around Rs 1.07 lakh crore in 2021-22. In the last financial year (FY23), the order value (GMV) was slightly more than Rs 2.01 lakh crore.
Whereas both public and private sector companies can sell their products and services through GeM. In this, buyers can be only government institutions including Gram Panchayat.

Defence Procurement Major business activities of GeM:

Defence procurement is one of the major business activities of this platform. The assembly of the BrahMos missile is being done through GeM as a service contract.
In the defence sector, supplies ranging from eggs to missile parts are being made through the portal.
GeM provides a level playing field to domestic businesses, especially small businesses, which are physically away from popular markets, to grow and flourish.
The portal has collaborated with over 520,000 Common Service Centers (CSCs) and over 150,000 Indian Post Offices to connect remote locations in the country for seamless purchases.
GeM offers a wide range of goods and services. This includes hiring of office stationery, passenger vehicles, helicopter services, waste management and webcasting.

About Government e-Market (GeM) Portal:

GeM was launched in the year 2016 to facilitate procurement of goods and services by many government departments and organizations. It is an online platform launched by the Ministry of Commerce and Industry, Government of India.
GeM is open to all government departments, public sector undertakings, autonomous bodies and other organizations.
Currently South Korea's KONEPS is the world's largest online platform. GeM is at third place after Singapore's GeBIZ.
Presently CEO of GeM: PK Singh