GeM procurement hits Rs 1.24 trn in Q1, set to be world's largest in FY25

With the procurement of goods and services through government's portal GeM crossing Rs 1.24 lakh crore in first quarter of 2024-25, the platform will become world's largest by the end of this fiscal, a senior official said on Thursday.

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.

"GeM has clocked a gross merchandise value of Rs 1,24,761 lakh crore at the end of first quarter, representing a quarter-on-quarter growth of 136 per cent over last year's Rs 52,670 crore," GeM CEO Prashant Kumar Singh told reporters here.

He said that going by this pace, it will become the world's largest platform.

South Korea's KONEPS is the largest such platform in the world. GeM stands at the second position. It is followed by Singapore's GeBIZ.

He added that the procurement by central ministries including CPSEs surpassed Rs 1 lakh crore milestone in this period with ministries of c