Over 60 per cent increase in MoD’s procurement in FY 23-24

NewsGate Press Network

The Ministry of Defence (MoD) achieved a significant milestone by becoming the only ministry to cross the figure of Rs 1 lakh crore Gross Merchandise Value (GMV) of procurement through Government e-Marketplace (GeM) since its inception in 2016.

In a statement issued by the Defence Ministry on 15^th of February 2024, in the current fiscal year it has placed orders worth Rs 46,000 cr approx. on GeM as of 13.2.2024.

The order value of MoD in FY 2022-23 was worth Rs 28,732.90 cr, while it amounted to Rs 15,091.30 cr in the FY 2021-22.

The significant increase of over sixty percent from the previous financial year is a testament to MoD’s continuous efforts, commitment to adoption of GeM platform to undertake its procurement activities.

More than 19,800 defence buyers from across the country have placed over 5.47 lakh orders on GeM. About 50% of these orders were awarded to Micro and Small Enterprises (MSEs).