Centre to provide aid of up to ₹50 lakh to startups in technical textiles

New Delhi: The Central government has approved a new scheme for providing financial assistance of up to 50 lakh to startups and individuals engaged in technical textiles, the ministry of textiles said in a statement on Tuesday.

The scheme, called Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT), provides the grant-in-aid for up to a period of 18 months.

“With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies and products including commercialization,” the statement said.

“The GREAT guidelines provide thrust in technical textiles’ application areas including agro-textiles, building textiles, geo textiles, home textiles, medical textiles, mobile textiles, packaging textiles, protective textiles, sports textiles; development of high-performance fibres and composites; sustainable and recyclable textile materials; smart textiles using artificial intelligence, internet of things, 3D/4D printing and rapid prototyping; and development of indigenous machinery/equipment/instruments, among others,” it added.

Interestingly, to be eligible for the grant, the startups shouldn’t be more than five years old.

“To incentivize the incubators, the Ministry will additionally provide 10% of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10% of the funding from the incubatee in two equal instalments is mandated,” the statement said.

“The startup guidelines (GREAT) will provide much needed impetus for the development of the technical textiles startup ecosystem in India, especially in niche sub-segments such as biodegradable and sustainable textiles, high-performance & specialty fibres, smart textiles, among others,” it added.

The government has also given its nod to 26 institutes for upgrading their laboratory infrastructure and training in the application areas of technical textiles.

It has also approved the applications of 26 institutions for development and introduction of technical textile courses or papers in the key departments or specializations as well as introducing new degree programmes in technical textiles.

“Total value of 151.02 crore was approved wherein 15 applications valuing 105.55 crore are from public institutes and 11 applications valuing 45.47 crore are from private institutes,” the statement said.

“Some of the premier institutes to be funded under the scheme include IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, Amity University, among others,” it added.

Meanwhile, on the quality and regulation aspect of technical textiles, the government has notified two QCOs (quality control orders) for 31 technical textile products including 19 geotextiles and 12 protective textiles, which will come into effect from 7 October.

“Besides, QCOs for 28 products including 22 agro-textiles and six medical textiles are also in the final stages of issuance and likely to be issued in September 2023,” the statement said.

“Furthermore, additional 28 items are also considered for QCOs including building textiles, industrial textiles, ropes & cordages, among others. To cover the comprehensive impact of the QCOs on the economy, industry and society at large, the Ministry is proactively conducting multiple stakeholder consultations with Industries,” it added.


Catch all the Politics News and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Updated: 29 Aug 2023, 07:31 PM IST

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *