KVIC records highest-ever turnover of Rs 95,471 cr in FY21
Published: Jun 17, 2021
By TIOLCORPLAWS News Service
MUMBAI, JUN 17, 2021: DESPITE the COVID-19 pandemic, the government’s Khadi and Village Industries Commission (KVIC) has recorded its highest-ever turnover in 2020-21, reporting a gross annual turnover of Rs. 95,741.74 crore, as compared to Rs. 88,887 crore turnover in 2019-20.
KVIC’s financial performance grew 7.71 per cent even as production activities remained suspended for more than three months during the nationwide lockdown last year. All Khadi production units and sales outlets too remained closed.
“KVIC swiftly rose to the Prime Minister’s clarion calls for ‘Aatmanirbhar Bharat’ [self-reliant India] and ‘Vocal for Local’,” said an official statement, noting that they further diversified KVIC’s product range, scaled up local production and paved the way for Khadi’s successive growth.
Compared to the financial year 2015-16, the overall production in KVIC sectors in 2020-21 has registered a whopping growth of 101 per cent while the gross sales during this period increased by 128.66 per cent.
A host of initiatives like launch of Khadi e-portal, Khadi masks and sanitisers, Khadi Prakritik Paint, along with setting up of a record number of new Prime Minister Employment Generation Programme (PMEGM) units, new Scheme of Fund for Regeneration of Traditional Industries (SFURTI) clusters, were some of the reasons for the recovery.
Compared to the production of Rs. 65,393.40 crore in 2019-20, the production in village industry sector increased to Rs. 70,329.67 crore in 2020-21. Similarly, in FY21, the sales of village industry products stood at Rs. 92,214.03 crore as compared to Rs. 84,675.29 crores in 2019-20.
The production and sales in the Khadi sector, however, slightly declined as spinning and weaving activities across the country took a major hit during the pandemic.
The overall production in the Khadi sector in 2020-21 was recorded at Rs. 1,904.49 crore as compared to Rs. 2,292.44 crores in 2019-20, while the overall Khadi sales stood at Rs. 3,527.71 crore as compared to Rs. 4,211.26 crore in the previous year.
