Ministry of Micro ,Small & Medium Enterprises

Khadi Exceeds Turnover of Rs 1 lakh crore in 2021-22; Beats all FMCG Companies in India (apr 30, 2022)

Khadi and Village Industries Commission (KVIC) has achieved a height which remains a distant goal for all FMCG companies in India. Thanks to the constant support of Prime Minister Shri Narendra Modi, KVIC has, for the first time, clocked a massive turnover of Rs 1.15 lakh crore, which is unprecedented by any FMCG company in the country. This makes KVIC the only company in the country to have recorded a turnover of Rs 1 lakh crore. 

In FY 2021-22, the overall turnover of KVIC stood at a whopping Rs 1,15,415.22 crore as compared to Rs Rs 95, 741.74 crore in the previous year, i.e. 2020-21. KVIC has thus registered a growth of 20.54% from the 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%. This massive turnover of KVIC has come despite partial lockdown in the country in the first 3 months, i.e. April to June in 2021, due to the second wave of Covid-19 pandemic. 

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SUPREME COURT

Pegasus case: Supreme Court panel seeks response from DGPs of all states on spyware purchase (APR 30, 2022)

A Supreme Court committee investigating the Pegasus case has directed the Director Generals of Police of all states to inform them whether they had accessed the Israel spyware, the Hindustan Times reported.  In a letter sent to the senior police officials on April 18, the technical panel asked for information about the date on which the software was procured. They were also directed to respond to questions about the type and quantity of the licences obtained.

In September, the Supreme Court had announced setting up a technical committee to look into allegations that the Pegasus software was used to target and spy on journalists, politicians, businesspersons and government officials.

The committee is helmed by former Supreme Court judge RV Raveendran, and includes members Dr Naveen Kumar Chaudhary, Dr Prabaharan P and Dr Ashwin Anil Gumaste, reported the Hindustan Times.

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ENFORCEMENT DIRECTORATE

ED seizes Rs 5,551 crore from Xiaomi India (APR 30, 2022)

The Enforcement Directorate on April 30 said it has seized Rs 5,551.27 crore from Xiaomi India, the local arm of the Chinese gadget giant, in connection with "illegal outward remittances made by the company".  The seizure was made from the company's bank accounts under provisions of the Foreign Exchange Management Act (FEMA), the federal probing agency said in a statement.

"Xiaomi India has not availed any service from the three foreign based entities to whom such amounts have been transferred, it claimed, adding that "under the cover of various unrelated documentary façade created amongst the group entities", the company remitted this amount in guise of royalty abroad which constitute violation of Section 4 of the FEMA.  "The company also provided misleading information to the banks while remitting the money abroad," the ED added.

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WORD OF THE DAY

Trailing 12 months (TTM) is a term used to describe the past 12 consecutive months of a company’s performance data, that’s used for reporting financial figures. The 12 months studied do not necessarily coincide with a fiscal-year ending period.

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