A Momentous Leap by KVIC for Registering 332% Sales Growth in 9 years
- Press Information Bureau
- June 9, 2023
The Ministry of Micro, Small, and Medium Enterprises announced that sales of indigenous Khadi goods manufactured by artisans in rural areas have increased by an "unprecedented" 332% in the last nine years. The revenue of Khadi and Village Industries products increased to the highest ever US$ 16.25 billion (Rs. 1.34 lakh crore) in FY23 from US$ 3.77 billion (Rs. 31,154 crore) in FY14.
Since 2013-14, the wages of artisans in the Khadi sector have increased by more than 150%. The wages of Khadi artisans will rise by an additional 33% starting on April 1, 2023. The ministry stated that from 2013-14 to 2022-23, there was a 268% increase in the production of KVI products, and sales reached 332%, breaking all records. In 2022-23, KVI product production was US$ 11.63 billion (Rs. 95,957 crore), up from US$ 3.16 billion (Rs. 26,109 crore) in FY14.
The Khadi and Village Industries Commission (KVIC) has announced to set a new record by creating 9.5 lakh new jobs in rural areas. While cumulative employment was 1.3 crore in 2013-14, it increased 36% to 1.77 crore in 2022-23, with new job possibilities increasing 70% to 9.54 lakh in the previous fiscal year. Khadi clothing manufacturing increased 260% to US$ 353.63 million (Rs. 2,916 crore) in 2022-23, marking the "best ever performance so far," while Khadi fabric sales increased 450% to US$ 720.73 million (Rs. 5,943 crore) from US$ 131.09 million (Rs. 1,081 crore) at the same time.
According to the ministry, since Covid-19, there has been an increase in demand for organic clothing all over the world. As a result, there has been a rapid increase in demand for Khadi garments.
According to the statement, the Prime Minister's Employment Generation Programme (PMEGP) has provided employment opportunities to 73.67 lakh people by establishing 8.69 lakh new projects during this fiscal year, with a total margin money subsidy disbursement of US$ 2.65 billion (Rs. 21,870.18 crore) from 2008-09 to 2022-23.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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