Spin Scheme: KVIC

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.

• 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