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GeM marketplace sees massive growth, Q1 GMV up 136%
The Business Guardian
|July 13, 2024
The Government e Marketplace (GeM) reported a significant rise in Gross Merchandise Value (GMV), reaching Rs 1,24,761 lakh crore by the end of the first quarter (April-June).
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According to the Ministry of Commerce and Industry, this marks a quarter-onquarter growth of over 136% compared to last year’s GMV of Rs 52,670 crore.
In Q1 of FY 2024-25, the services segment has been the major contributor, achieving a GMV of over Rs 80,500 crore, representing a 330% growth over the same period in FY 2023-24. The procurement by Central Government bodies stood at Rs 42,500 crore in Q1 of FY 2023-24 but has seen a substantial surge this fiscal year.
Prashant Kumar Singh, CEO of GeM, noted that Central bodies have continued to drive procurement reforms, reaffirming their commitment to optimizing resource allocation for national development.
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