About GeM 

• Launched in 2016, the Government e-Marketplace (GeM) is a 100 percent government-owned company setup under the aegis of the Ministry of Commerce and Industry. 
• It is a completely paperless, cashless and system driven e-market place that enables procurement of common use goods and services with minimal human interface. GeM aims to enhance transparency, efficiency and speed in public procurement.
• GeM was developed with the technical support of the National eGovernance Division under the Ministry of Electronics and Information Technology.

• In 2017, the government made it mandatory for all the departments and ministries to source goods and services from the GeM. 
• At present, the platform is open for procurement by all government buyers: central and state ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc. Last year, the government gave its approval for expanding the mandate of GeM to allow procurement by Cooperatives as buyers on GeM.
• As per existing mandate, GeM is not available for use by private sector buyers. Suppliers (sellers) can be from across all segments: government or private.

Why in News?

• Accelerated growth, increased efficiency and unwavering trust propel Government e-Marketplace (GeM) to achieve an impressive milestone, crossing INR 1 lakh crore in Gross Merchandise Value (GMV) within a remarkable span of 145 days in the current financial year, FY 2023-24. 
• This outstanding achievement underscores GeM’s commitment to revolutionizing government procurement and signifies a substantial improvement compared to the previous year, where this GMV landmark was reached in 243 days. 
• The average GMV per day has also witnessed significant growth from INR 412 crore per day in FY 22-23 to INR 690 crore per day in FY 23-24.
• Since inception, GeM has crossed INR 4.91 Lakh Crore in GMV and has facilitated over 1.67 crore orders on the platform.

https://pib.gov.in/PressReleasePage.aspx?PRID=1951461