India's technical textile startups to receive central aid up to Rs 50 lakh
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The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry.
According to a Mint report, thegrant-in-aid will be offered for up to 18 months to aspiring innovators under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) program.
“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 commercialisation,” Mint quoted the statement made by the ministry of textiles.
The statement added that the GREAT guidelines give momentum to the development of high-performance fibres and composites, sustainable and recyclable textile materials, and smart textiles using artificial intelligence, the internet of things, 3D/4D printing, and rapid prototyping. The application areas for technical textiles include agrotextiles, building textiles, geotextiles, homes, medical textiles, mobile textiles, packaging textiles, protective textiles, and sports textiles.
Notably, companies must not be older than five years to qualify for the grant.
“To incentivise the incubators, the ministry will additionally provide 10 per cent of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10 per cent of the funding from the incubatee in two equal instalments is mandated,” the statement said.
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The startup guidelines (GREAT), according to the statement, will give the technical textiles startup ecosystem in India the much-needed boost it needs, especially in specialised sub-segments like biodegradable and sustainable textiles, high-performance & specialty fibres, and smart textiles, among others.
The government has also given 26 institutes its approval to upgrade their laboratory facilities and provide training in technical textile application fields.
It has also granted approval to 26 institutions’ requests for the creation and introduction of technical textile degree programs as well as technical textile courses or papers in important areas or specialisations.
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