SPIN Scheme - Objective, Features, and Significance | Testbook.com

SPIN Scheme: Key Highlights

• Objective:
  • The primary goal is to establish a pottery cluster under the Scheme of Fund for Regeneration of Traditional Industries (SFURTI) in Varanasi. This will empower over 1100 individuals from the marginalized potters’ community.
  • The scheme also aims at sustainable development by creating local self-employment opportunities. This aligns with the Prime Minister’s vision of “Employment for Every Hand” (Har Hath Me Kaam).
• Features:
  • It's a non-subsidy scheme.
  • KVIC helps potters secure bank loans under the Pradhan Mantri Shishu Mudra Yojana.
  • There is no financial burden on the exchequer.
  • Beneficiaries can repay the loans in easy instalments.
• Initiatives Undertaken:
  • Under the SPIN Scheme, 780 electric potter wheels have been sanctioned for participants.
  • In Gujarat, KVIC distributed 50 charkhas to women artisans at Kevadia, promoting self-employment and sustainable livelihood.
  • 780 potters from Uttar Pradesh, Bihar, Rajasthan, and Jharkhand have registered for financial aid from the bank to start their own business.
  • The Kashi Pottery Cluster at Village Bhatti in Varanasi has been established over an area of 7100 square feet at the cost of Rs 2.50 crore. This will provide direct employment to 340 pottery artisans trained by KVIC.

Importance of the SPIN Scheme

• The SPIN Scheme will enable registered potters to secure direct loans from banks under the Pradhan Mantri Shishu Mudra Yojana.
• The scheme doesn't put any financial pressure on the exchequer, and the potter can repay the loan in convenient instalments.

To stay updated with other recently launched schemes and initiatives, visit the Current Affairs page and get details of the latest news events, crucial from the examination perspective.

About KVIC

The Khadi and Village Industries Commission (KVIC) is a statutory body established by an Act of Parliament in April 1957. The objectives of KVIC are:

• Social objective of providing employment.
• Economic objective of producing saleable articles.
• The wider objective of creating self-reliance amongst the poor and building up of a strong rural community spirit.

For further details about the background and significance of KVIC, aspirants can visit the Khadi and Village Industries Commission page.