KVIC to get Rs 600 cr from ADB

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Mumbai, Oct 1 (UNI) The Asian Development Bank (ADB) has approved an aid of Rs 600 crore to the Khadi and Village Industries Commission (KVIC), to help it implement the Khadi Reform and Development Programme.

''The money will be utilised for technological upgrade of over 300 khadi and village industrial units,'' KVIC Chairperson Kumud Joshi said at a Press Conference here today, held on the eve of Gandhi Jayanti.

KVIC had been receiving piecemeal support for Khadi in the past, but this was inadequate for the growth of the sector. Hence, KVIC had approached the Union Ministry to take up its case with the ADB.

The Development Bank in turn appointed M/s Price Waterhouse Cooper as consultant to appraise the proposal and based on its recommendation, sanctioned the 0 million aid over a period of three years.

''Over nine lakh workers in the sector use outdated equipments, which affect capacity building and increase in their supplementary income. With this assistance, the situation is likely to improve'' Ms Joshi said.

''Khadi may also become a fashion statement in the market with the use of the fundings,'' Ms Joshi said.

UNI JM SR SKB2114

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