: KVIC records highest ever turnover in FY 202021 despite COVID19 pandemic #finance #StockMarketNEWS KVIC records highest ever turnover in FY 2020-21 despite COVID-19 pandemic New Delhi, Jun 17 (KNN)

KVIC records highest ever turnover in FY 202021 despite COVID19 pandemic #finance #StockMarketNEWS
KVIC records highest ever turnover in FY 2020-21 despite COVID-19 pandemic New Delhi, Jun 17 (KNN) In a year completely marred by COVID-19 pandemic, Khadi and Village Industries Commission (KVIC) has recorded its highest-ever turnover.

In the year 2020-21, KVIC registered a gross annual turnover of Rs 95,741. 74crores, as compared to Rs 88,887 crores turnover in 2019-20, thus, registering an increase of 7. 71 per cent, MSME ministry said on Thursday.

KVIC’s record performance in 2020-21 assumes great significance as production activities remained suspended for more than three months during the nationwide lockdown announced on March 25 last year. During this period, all Khadi production units and sales outlets too remained closed, severely affecting the production and sales.

However, KVIC swiftly rose to the Prime Minister’s clarion calls for “Aatmanirbhar Bharat” and “Vocal for Local”. The innovative marketing ideas of Minister for Micro, Small and Medium Enterprises, Nitin Gadkari further diversified KVIC’s product range, scaled up local production and paved the way for Khadi’s successive growth, it added.

Compared to the year 2015-16, the overall production in Khadi and Village Industry 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, Khadi footwear, Khadi Prakritik Paint, Khadi hand sanitizers, etc. , setting up of a record number of new PMEGP units, new SFURTI clusters, Government’s push to “Swadeshi” and KVIC’s historic agreements with Paramilitary forces for supply of provisions increased the turnover of village industry sector during the pandemic.

Compared to the production of Rs 65,393. 40 crores in 2019-20, the production in the village industry sector increased to Rs 70,329. 67 crores in 2020-21. Similarly, in FY 2020-21, the sales of village industry products stood at Rs 92,214. 03 crores as compared to Rs 84,675. 29 crores in 2019-20, it said.

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 1904. 49 crores as compared to Rs 2292. 44 crores in 2019-20, while the overall Khadi sales stood at Rs 3527. 71 crore as compared to Rs 4211. 26 crore in the previous year.

KVIC Chairman Vinai Kumar Saxena said that during the Pandemic people responded enthusiastically to the calls of “Aatmanirbhar Bharat” and “Vocal for Local”.