SPIN Scheme: KVIC
- 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.
- A statutory body established under the Khadi and Village Industries Commission Act, 1956. It functions under the Ministry of Micro, Small and Medium Enterprises. In 2017-18, it launched the Honey Mission programme. Recently, it launched a project named Bamboo Oasis on Lands in Drought (BOLD) from the village NichlaMandwa in Udaipur, Rajasthan.
- SPIN Scheme:
- 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.
- 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).
- 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.
- 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.