First Indian FMCG Company to Achieve a Turnover of Rs.1 Lakh Crores

BANKING AND ECONOMY

Under the FMCG category, the Khadi and Village Industries Commission (KVIC) has become the first organization in India to have aturnover of over Rs 1 lakh crores during the FY 2021-22. With this growth, the company stands far ahead of all FMCG companies in the country. 

The company’s turnover surged to Rs 1,15,415.22 crores in the financial year 2021-22. This is surged by 20.54% as compared to Rs 95,741.74 crores recorded in the previous 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% while the gross sales during this period increased by over 248%. 

As per the data from the Ministry of Micro, Small & Medium Enterprises, in the last 8 years, i.e. from 2014-15, the production in the Khadi sector in 2021-22 has increased by 191%, while the Khadi sales have increased exponentially by 332%. 

The sales of Khadi and village industry products grew significantly following the Prime Minister’s appeal to achieve self-reliance by promoting Swadeshi products. The highest single-day sale (on 30th October 2021) of Khadi at Connaught Place in New Delhi reached the all-time high of Rs 1.29 crores.

In the past two years, the KVIC’s main focus has been to create sustainable employment for artisans and unemployed youth.

 

   Important points for the exam:

  • Under the Fast-Moving Consumer Goods (FMCG) category, the Khadi and Village Industries Commission (KVIC) has become the first organisation in India to have a turnover of over Rs 1 lakh crores.
  • The company’s turnover surged to Rs 1.15 crores in the financial year 2021-22. This is surged by 20.54% as compared to Rs 96,000 crores recorded in the previous year 2020-21.
  • In the last 8 years, i.e. from 2014-15, the production in the Khadi sector in 2021-22 has increased by 191% and its sales increased by 332%.
  • Khadi is a hand-spun and woven natural fibre cloth promoted by Mahatma Gandhi as swadeshi (self-sufficiency) for the freedom struggle of the Indian subcontinent.
  • Fast-moving Consumer Goods (FMCG) companies manufactured nondurable products that sell quickly at a relatively low cost.

   Facts to know:

  • Khadi and Village Industries Commission (KVIC) was established in 1956.
  • It is a statutory body established under ‘Khadi and Village Industries Commission Act of 1956'
  • Headquarters of KVIC: Mumbai.
  • Chairman of KVIC: Mr.Vinai Kumar Saxena.
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