KVIC turnover crosses ₹1.5 lakh cr, 10 lakh jobs created in FY24: Chairman

Khadi and Village Industries' annual turnover crossed ₹1.5 lakh crore for the first time in FY 2023-24 with over 10 lakh new jobs generated during the fiscal, its Chairman Manoj Kumar said on Tuesday.

According to provisional figures for 2023-24 released by KVIC, a 315% increase in production and a 400% rise in sales were registered in the last 10 years.

New employment generation also witnessed an 81% increase during the decade starting from 2013-14.

"For the first time, over 10 lakh new jobs were created and our turnover crossed ₹1.5 lakh crore in 2023-24," Kumar told PTI.

Surpassing all previous figures, there has been an increase of almost 400% in sales, nearly 315% in production, and 81% in new employment generation compared to the financial year 2013-14, KVIC stated.

KVIC's sales were ₹1.34 lakh crore in 2022-23.

According to KVIC, sales of its products in the last ten financial years of the Modi Government have increased from ₹31,154.2 crore in 2013-14 to the highest level of ₹1,55,673.12 crore in 2023-24.

"In the financial year 2023-24, KVIC's efforts have created 10.17 lakh new jobs in rural areas, strengthening rural India's economy," it stated.

The KVIC Chairman said the demand for Khadi and village industry products made by rural artisans is increasing rapidly in the market, which is reflected in the production, sales, and employment figures.