Friday, Jun 2 2023 | Time 13:08 Hrs(IST)
image
Business Economy


Piyush Goyal lauds GeM crossing Gross Merchandise Value of Rs 2 lakh cr in 2022-23

Piyush Goyal lauds GeM crossing Gross Merchandise Value of Rs 2 lakh cr in 2022-23

Mumbai, Apr 1 (UNI) During the financial year 2022-2023, procurement of goods and services from government portal Government e Marketplace (GeM) crossed the Rs 2 lakh crore mark, which is a remarkable achievement, said Union Commerce and Industry Minister Piyush Goyal, in Mumbai on Saturday.

Commerce and Industry Minister highlighted the role of GeM as a digital tool in the public and national interest. GeM is a symbol of the speed with which PM Narendra Modi has taken the country forward through modern technology, said the Minister. He was speaking at a press conference on the landmark achievement of GeM.

Union Commerce and Industry Minister Piyush Goyal congratulated GeM and its strong ecosystem of buyers and sellers, whose unwavering support has been pivotal towards achieving this historic feat. The Minister added that the Prime Minister desires that the Government departments are run with the highest levels of integrity and transparency, with participation of people from the remotest corners of the country and it enables women entrepreneuers, startups and the MSME sector to participate in a fair and equitable manner in government procurements.

“I am confident that GeM will grow faster, the future is very bright. I would like to appeal to more and more vendors to join GeM so that they too get a chance to participate in the government procurement process”, he said.

After the GeM portal was launched in 2017, business worth about Rs 400 crore was done, and in the second year, GeM did business of about Rs 5800 crore. The business through GeM has grown from around Rs 35000 crore two years ago and tripled last year to Rs 1 lakh 6 thousand crores, the Minister informed. Growing to Rs 2 lakh crores in 5 years shows that this experiment of the Prime Minister has been successful, he further stated.

The Minister also mentioned that India has crossed total exports of 750 billion dollars for the financial year 2022-23 and the final figure is expected to cross 765 billion dollars.

The G20 Trade and Investment Working Group Meeting was held in Mumbai recently, also saw positive discussions, he informed. The Union Minister expressed that India has got the Presidency of the G-20 under the leadership of Prime Minister Narendra Modi, and it is a great opportunity to showcase the achievements of the rapidly developing New India to the world.

Speaking about the Foreign Trade Policy 2023 released in New Delhi yesterday, he said that this has been welcomed by industry and trade. A sense of stability is reflected in the foreign trade policy, he added.



Speaking about the vision and journey ahead for GeM, CEO of GeM P.K. Singh, thanked all the stakeholders who are the primary drivers behind GeM's reaching such great heights.

As on 31st March 2023, GeM has recorded a staggering ₹ 2 lakh crore of Gross Merchandise Value (GMV) in FY 2022-23. Cumulatively, GeM has surpassed the ₹ 3.9 lakh crore GMV since inception, with the overwhelming support of its stakeholders. The total number of transactions on GeM has also crossed 1.47 crore. GeM is catering to the diverse procurement needs of over 67,000 government buyer organisations. The portal features over 11,700 product categories with more than 32 lakh listed products, as well as over 280 service categories with more than 2.8 lakh service offerings. Based on various studies, the minimum savings on the platform are about 10%, which translates into a savings of Rs ₹ 40,000 crore worth of public money.

UNI SP RKM

More News

Hyderabad: Cigniti Tech DES reaches new milestone

02 Jun 2023 | 1:42 AM

Hyderabad, June 1 (UNI) Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering Services company, on Thursday announced it has been appraised at CMMI Development V2.0 Maturity Level 3 for its Digital Engineering Services.

see more..

Food Inflation: Price index up by 0 9 point

01 Jun 2023 | 11:28 PM

Shimla, June 1 (UNI) Due to inflation in the Food & Beverages items all-lndia CPI-(Industrial workers) for April, 2023 increased by 0.9 points and stood at 134.2
(one hundred thirty four point two).

see more..

IKIO Lighting Ltd’s IPO to open on 6 June

01 Jun 2023 | 10:10 PM

Mumbai, Jun 1 (UNI) IKIO Lighting Limited, a manufacturer of light emitting diode (LED) lighting in India, announced on Thursday that its initial public offering will open on 6 June (Tuesday) for subscription to raise over Rs 607 crore.

see more..

01 Jun 2023 | 7:07 PM

Mumbai, Jun 1 (UNI) Future Generali India Insurance (FGII) has announced the findings of its survey which stated that 94 per cent of the respondents conduct their own research before buying or renewing their health insurance policy as per their needs or life stages.

see more..
GST collections in May rise 12 pc YoY to Rs 1 57 lakh crore

GST collections in May rise 12 pc YoY to Rs 1 57 lakh crore

01 Jun 2023 | 6:02 PM

New Delhi, June 1 (UNI) Goods and services tax (GST) collection rose 12% year-on-year to Rs 1,57,090 crore in May, 2023, according to data released by Finance Ministry on Thursday.

see more..
image