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Spin Scheme: KVIC

Posted on September 22, 2021 by admin1  59

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

 
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