In absolute terms the procurement through Government e-marketplace (GeM) by 54 CPSEs and five departmental arms of government including Railways Board and National Highways Authority of India stood at ₹2.62 lakh crore by March 31, 2024, against ₹1.06 lakh crore in the same period last year, which helped them to push their combined capex at all-time high of 108.54% at ₹8.05 lakh crore, ET has learnt.
“All the CPSEs have done well so far, procurement from MSMEs are concerned which has a multiplier effect,” a senior official told ET, adding that even the spending under the Corporate Social Responsibility was ₹2,467 crore in FY 24.
The gross merchandise value of state-run government e-marketplace (GeM) has already touched ₹4 lakh crore by the end of March 31, with the centre actively pushing ministries to procure goods and services through the portal.
Officials said that there was a push in March.
“In the month of March itself the CPSEs spent ₹1.22 lakh crore which helped us to exceed the annual target by ₹63,354 crore,” a senior official told ET, adding that the momentum is expected to continue in FY25 also.
The growth was led by two large boards including NHAI, which invested ₹2.07 lakh crore, against their annual target of ₹1.67 lakh crore, up 19% against last year.
The Railway Board invested ₹2.49 lakh crore against an annual target of ₹2.44 lakh crore, up 32% than last fiscal.
All petroleum CPSEs achieved or exceeded their target mainly on account of capacity expansion and focus on green transition.
State run fuel retailer-cum-refiner Indian oil Corporation achieved a capex of ₹42,581 crore or 136% of the FY24 target of ₹31,254 crore, followed by ONGC, which achieved a capex of ₹34,965 crore against the annual target of ₹30,500 crore.
Power sector enterprise NTPC has invested ₹ 26,088 crore in FY24, 116% of its annual target, while coal india‘s capex was ₹19,840, against annual target of ₹ 16,600, up 119%.
