KVIC starts investing in local companies

▴ KVIC starts investing in local companies
KVIC adopts vocal for local strategy announced by PM Modi

The Khadi and Village Industries Commission (KVIC) has geared up to Prime Minister Shri Narendra Modi’s call to become “vocal for local” and further making it “global”. A day after the Prime Minister’s appeal for encouraging local products, the KVIC issued a slew of guidelines to expedite the implementation of projects under the flagship program PMEGP.

KVIC Chairman, Shri Vinai Kumar Saxena today instructed concerned agencies to scrutinize the applications under PMEGP and forward it to banks for disbursal of funds within 26 days. He also instructed bringing down this time frame to 15 days. It will be mandatory for implementing agencies to guide and hand-hold the applicants for formulation of proposals and assist them till sanction of loan. All agencies will follow-up with banks for early sanction of loans.

According to the revised guidelines, the Monitoring Cell at KVIC, Mumbai will monitor the application process on a daily basis while it will be giving feedback to the implementing agencies every fortnight. The progress report, thereafter, shall be placed for perusal of the CEO and Chairman of KVIC.

Shri Saxena said the revised guidelines come in wake of the Prime Minister’s appeal for encouraging local production. “As the Prime Minister has said, ‘self-dependence’ is the mantra. Easing out the process under PMEGP will further accelerate the growth of local manufacturing. This will ensure maximum employment generation within a short time frame,” Saxena said. He said the transformation of the Khadi and Village Industries from local to global was a case study for other local industries and enterprises. “As the nodal agency, KVIC is committed to hand-hold the upcoming projects under PMEGP,” he added.

To boost the local production, it has been decided that at least one unit each pertaining to manufacture of N95 masks, ventilators or its accessories, PPE Kits for medical staff, sanitizers/liquid hand wash, thermal scanner and agarbatti and soap will be set up in each district. This is in order to meet the growing demand due to prevailing Covid-19 situation in the country.

According to the revised guidelines, the implementing agencies, at the time of scrutiny, must ensure that the applicant has secured at least 60 marks out of 100 in the score card. Similarly, technical feasibility like availability of raw material, manpower, access to transport and electricity must be examined so as to reduce rejections at the bank level.

Similarly, the implementing agencies shall also examine the market study, assessment of demand of the proposed product, similar projects in the vicinity and the market strategy. The agencies will ensure that the proposal falls under the selected bank’s jurisdiction to avoid rejection on that ground..

Tags : #KVIC #VocalForLocal #PMEGP

Related Stories

Loading Please wait...

-Advertisements-




Trending Now

Achieving Healthier Lifestyles: Understanding India's New Dietary GuidelinesMay 11, 2024
The Link Between Childhood Sleep and Adult Psychosis: A Critical AnalysisMay 11, 2024
Uncovering Immunization Gaps: Insights into Measles Vaccination Challenges in IndiaMay 11, 2024
Unlocking New Horizons: Gene Therapies for Hearing Loss and BlindnessMay 10, 2024
Kerala Health Alert: West Nile Fever Cases Confirmed in Thrissur, Malappuram, and KozhikodeMay 10, 2024
Managing Health in the Heat: Demand for Medications Surges in IndiaMay 10, 2024
Sudhamukti Ayurvedic Medicine by OJSP: A New Era in Diabetes ManagementMay 10, 2024
The Role of Genetic Profiles in Alzheimer’s Therapy: APOE4 and Treatment ResponsesMay 08, 2024
Assessing Covishield Safety: Indian Research Offers Reassurance Amidst Rare Side Effect DiscussionsMay 08, 2024
Quadria Capital Invests $102 Million in NephroPlus to Boost Dialysis Services Across AsiaMay 08, 2024
Reducing Stigma, One Story at a Time: Media's Role in Mental HealthMay 07, 2024
When Your Body Makes Beer: Exploring the Curious Case of Auto-Brewery SyndromeMay 07, 2024
Hair Today, Gone Tomorrow: Why Guys Go Bald Before Marriage May 07, 2024
Menopausal Transitions and Mental Health: UCL Study Highlights Increased Depression RiskMay 07, 2024
Vasavi Club of Buddhapurnima organised #GoVote, a vote awareness driveMay 06, 2024
Vasavi Club of Buddhapurnima organised #GoVote, a vote awareness driveMay 06, 2024
Harnessing AI for Early Alzheimer's Disease Diagnosis: IIT Indore's BreakthroughMay 06, 2024
Aurobindo Pharma's Bhiwadi Facility Under FDA Scrutiny: Understanding the ObservationsMay 06, 2024
Exploring the Role of Mediator Protein Complex in Cell Division: Implications for Disease ManagementMay 06, 2024
Akshay Tritiya Parna Mahotsav is to be held in the cityMay 04, 2024