GeM's value ‘suitably placed’ to surpass ₹1.7 lakh crore mark in FY 2023 | Latest News India | Times Of Ahmedabad

The public procurement portal, Government e-Marketplace (GeM), has surpassed the ₹3 lakh crore mark of gross merchandise value (GMV) in its business since its launch and it is expected to cross the targetted ₹1.75 lakh crore mark for the financial year 2023, chief executive officer of GeM, P K Singh, said on Wednesday. He added that ₹1.5 lakh crore worth of GMV has already been achieved till February 1. Over 1.3 crore transactions have been conducted on the platform so far, he added.

“GeM has over 66,000 government buyer organisations and more than 58 lakh sellers and service providers offering a diverse range of goods and services. The portal features over 11,000 product categories with more than 29 lakh listed products, as well as over 270 service categories with more than 2.5 lakh service offerings,” Singh said.

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Similarly, the Union finance ministry released a draft scheme for the settlement of government contract related pending disputes. The government will provide settlement amount to contractor based on the condition of the dispute. For example, if a dispute arises for terminated contracts or in cases where physical activity has been stopped, a settlement of 30% of the net claimed amount will be provided. The draft scheme will be implemented through GeM, which will provide an online functionality.

Launched on August 9, 2016, GeM is a government-based online platform that enables buyers and sellers to conduct “inclusive, efficient, and transparent” manner of procurement activities. “GeM has evolved as a trust-based platform and is contactless, paperless, and cashless, where authentication of users is done through API integration with respective domain databases, i.e., Aadhaar, PAN, Startup, GSTN, MCA21, etc. The marketplace includes policies for automated market adjustments as well as end-to-end digital processes that support a thriving buyer-seller ecosystem,” Union ministry of commerce and industry said in a statement.

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GMV is used to measure the growth of business based on the value of merchandise sold through a customer-to-customer online platform at a given time period. It is used to determine the health of business through an e-commerce website.