NEWS: Khadi and Village Industries Commission (KVIC) has achieved a massive turnover of Rs 1.15 lakh crore, which is unprecedented by any FMCG company in the country. This makes KVIC the only company in the country to have recorded a turnover of Rs 1 lakh crore.
Key Points
- In FY 2021-22, the overall turnover of KVIC stood at a whopping Rs 1,15,415.22 crore as compared to Rs Rs 95, 741.74 crores in the previous year.
- KVIC has thus registered a growth of 20.54% from the year 2020-21.
- Compared to the year 2014-15, the overall production in Khadi and Village Industry sectors in 2021-22 has registered a whopping growth of 172%.
- The gross sales during this period increased by over 248%.
About Khadi and Village Industries Commission (KVIC)
- The Khadi and Village Industries Commission (KVIC) is a statutory body established by an Act of Parliament.
- The Khadi and Village Industries Commission Act, 1956
- In April 1957, it took over the work of the former All India Khadi and Village Industries Board.
- The broad objectives:
- The social objective of providing employment.
- The economic objective of producing saleable articles.
- The wider objective of create self-reliance amongst the poor and build up a strong rural community spirit.
- The KVIC is charged with the planning, promotion, organisation, and implementation of programs for the development of Khadi and other village industries in the rural areas.
- Its functions also comprise:
- building up of a reserve of raw materials,
- creation of common service facilities for processing of raw materials,
- provisions of facilities for marketing of KVI products
- organisation of training of artisans engaged in these industries and
- encouragement of co-operative efforts amongst them.
