KVIC Exceeds Turnover of Rs 1 lakh crore

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.
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