KVIC records Highest Ever Turnover in FY 2020-21 Despite Covid-19 Pandemic

KVIC records Highest Ever Turnover in FY 2020-21 Despite Covid-19 Pandemic

Subject : National Organisations

Context : 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%.

Concept :

Khadi & Village Industries Commission (KVIC):

• The Khadi and Village Industries Commission (KVIC) is a statutory body established by an Act of Parliament (Khadi and Village Industries Commission Act of 1956).
• In April 1957, it took over the work of former All India Khadi and Village Industries Board.
• It is an apex organization under the Ministry of Micro, Small and Medium Enterprises, with regard to khadi and village industries within India, which seeks to – “plan, promote, facilitate, organise and assist in the establishment and development of khadi and village industries in the rural areas in coordination with other agencies engaged in rural development wherever necessary.”