New Delhi: Procurement through the GeM portal have enabled the Government to save over Rs 45,000 crore since its launch in 2016, the Commerce Ministry said on Wednesday.
Government e-Marketplace (GeM) is India's online marketplace for public procurement.
Launched in 2016, GeM facilitates transparent and efficient procurement for government departments, organisations and PSUs.
"A hallmark of GeM's success lies in its dedication to cost savings, having enabled the government to save over Rs 45,000 crore since 2016," it said in a statement.
It also said that the portal has surpassed the achievements of renowned public procurement platforms such as South Korea's KONEPS and Singapore's GeBIZ.
Central buyers, including CPSEs and allied bodies, have floated over 70 bids worth over Rs 100 crore on the portal in 2022-23.
With nearly 6.5 million sellers and 70,000 government buyers registered on the platform as of July 2023, the cumulative GMV (Gross Merchandise Value) surpassed Rs 4.5 lakh crore, showcasing the platform's enduring impact.