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Informative
GeM: 205% jump recorded in service procurement by govt from MSMEs in FY24
Update / Judgement Date
13 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
MSME & Udhyam
In FY24, procurement of services via the Government eMarketplace (GeM) surged by 205%, totaling Rs 2.07 lakh crore, constituting nearly half of GeM’s gross merchandise value (GMV). GeM expanded its services portfolio with 36 new offerings, alongside 11,926 product categories. \r
Overall, GeM’s GMV for goods and services reached Rs 4.03 lakh crore, with over 62 lakh orders processed, up from Rs 2.01 lakh crore and 37.1 lakh orders in FY23. Micro and small enterprises (MSEs) captured 41% of GeM’s FY24 GMV, highlighting their substantial role. \r
Concurrently, central public sector enterprises (CPSEs) procured Rs 75,253 crore from MSEs in FY24, a 16.2% increase from FY23, benefitting 2.18 lakh enterprises, as per MSME Ministry data. The CPSE procurement policy mandates 25% procurement from MSEs annually, with specific allocations for SC/ST and women entrepreneurs.
