SPIN Full Form, Definition, Objective, Features, Importance

The full form of SPIN is Strengthening the Potential of India.

What is SPIN?

On September 17, 2021, the Khadi and Village Industries Commission (KVIC) started a one-of-a-kind Scheme named SPIN (Strengthening the Potential of India). The scheme intends to empower marginalized potters and instil self-sufficiency in the Indian pottery sector. The SPIN program was started on the occasion of "Sewa Diwas," which is celebrated on Prime Minister Narendra Modi's birthday. 

The SPIN Scheme - Key Points

Objective:

• It intends to establish a pottery cluster in Varanasi under the Scheme of the Fund for Regeneration of Traditional Industries (SFURTI) to empower over 1100 marginalized potters' community members.
• This scheme aims for long-term growth by fostering local self-employment, consistent with the Prime Minister's pledge to "Jobs for All Hands" (Har Hath Me Kaam).

Features:

• It is a scheme with no subsidies.
• There is no fiscal strain on the exchequer.
• Beneficiaries can repay their loans in small monthly payments.

Initiatives Taken:

• KVIC provided 50 charkhas to women artisans in Kevadia in Gujarat to involve them in self-employment and sustainable living.
• 780 potters from Bihar, Uttar Pradesh, Rajasthan, and Jharkhand have applied for bank financing to start their businesses.
• Kashi Pottery Cluster in Varanasi's Village Bhatti has also been established across an area of 7100 square feet at Rs 2.50 crore to provide direct employment to 340 pottery artists educated by KVIC.

Importance of the SPIN

• Under the Pradhan Mantri Shishu Mudra Yojana, SPIN enables registered potters to obtain a direct loan from a bank.
• There would be no financial load on the exchequer under this system, and the potter will repay the loan in manageable payments.

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