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SPIN Scheme: KVIC

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  • 18 Sep 2021
  • 2 min read

Why in News

Recently, the Khadi and Village Industries Commission (KVIC) launched the SPIN (Strengthening the Potential of India) scheme to make potters self-sustainable.

KVIC

Key Points

  • SPIN Scheme:
    • About:
      • Under SPIN, KVIC will facilitate potters to get easy loans from banks that will help the potters to diversify their activities and enhance their income.
    • Objective:
      • It is aimed at sustainable development by creating local self-employment which is aligned with the Prime Minister’s commitment of “Job to Every Hand” (Har Hath Me Kaam).
    • Features:
      • It is a no-subsidy program.
      • KVIC facilitates potters to get bank loans under Pradhan Mantri Shishu Mudra Yojana.
      • No financial burden on the exchequer.
      • Beneficiaries can repay the loans in easy installments.
    • Significance:
      • It will reduce their dependence on government subsidy and thus make potters self-reliant.
  • Other Related Schemes:

Pradhan Mantri Mudra Yojana

  • It was launched by the government in 2015 for providing loans up to Rs. 10 lakh to the non-corporate, non-farm small/micro-enterprises. Loans under this scheme are collateral-free loans.
  • Under this, three products have been created, i.e. 'Shishu', 'Kishore' and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit.
    • Shishu: Covering loans up to Rs. 50,000.
    • Kishore: Covering loans above Rs. 50,000 and up to Rs. 5 lakh.
    • Tarun: Covering loans above Rs. 5 lakh and up to Rs. 10 lakh.

Source: PIB

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