Spin Scheme: KVIC

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    In Context

    • The SPIN (Strengthening the Potential of India) scheme was recently launched by the Khadi and Village Industries Commission (KVIC) to help potters become self-sufficient.

    SPIN scheme

    • It is an initiative through which KVIC will make it easier for potters to obtain low-interest bank loans, allowing them to diversify their businesses and increase their income.

    Khadi and Village Industries Commission (KVIC)

    • It is a statutory body established under the Khadi and Village Industries Commission Act, 1956. It functions under the Ministry of Micro, Small and Medium Enterprises.

    Objectives:

    • Social objective of providing employment
    • Economic objective of producing saleable articles
    • The wider objective of creating self-reliance amongst the poor and building up a strong rural community spirit
    • Objective:
      • It aims to promote long-term development through fostering local self-employment, in line with the Prime Minister’s pledge to “Jobs for Every Hand” (Har Hath Me Kaam).
    • Features:
      • It is a scheme with no subsidies.
      • SPIN will enable registered potters to get a direct loan from the banks under Pradhan Mantri Shishu Mudra Yojana
      • There is no financial load on the government.
      • The loans can be repaid in convenient instalments by the recipients.
    • Significance:
      • It will minimise their need for government subsidies, allowing potters to become self-sufficient.

    Other related schemes

    • Kumhar Sashaktikaran Yojana
    • Terracotta Grinder
    • Prime Minister’s Employment Generation Programme

    Source: PIB