GeM Facilitates Rs 5.42 Lakh Crore Transactions in 2024-25

New Delhi, Apr 16 (PTI) Public procurement platform Government e-Market Place (GeM) has facilitated transactions worth Rs 5.42 lakh crore in 2024-25 due to increasing buying by different ministries and state-owned units, according to the commerce ministry data.

In 2023-24, the portal had facilitated transactions worth Rs 4.04 lakh crore. It was Rs 2.01 lakh crore in 2022-23 and Rs 1.06 lakh crore in 2021-22.

According to the data, the portal has enabled procurement of goods worth Rs 2.13 lakh crore and Rs 3.29 lakh crore in services.

"Since its inception, GeM has facilitated more than 2.83 crore orders worth over Rs 13.41 lakh crore," the ministry said.

The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments.

Ministries like Coal, Defence, Petroleum and Natural Gas, Power and Steel were among the major procurers of GeM.

It also said that apart from facilitating the hiring of one million manpower resources in 2024-25, GeM has facilitated insurance of more than 1.3 crore individuals covering health, life and personal accident insurance policies.

The insurance services category was introduced on GeM in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies.

"By ensuring that only Insurance Regulatory and Development Authority of India (Irdai) -approved service providers are onboarded. GeM has established a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organisations can seamlessly procure group mediclaim, personal accident and term insurance policies, thereby offering financial security to a vast number of beneficiaries," the ministry said.

The platform has over 1.64 lakh government buyers and over 22.5 lakh sellers and service providers.