In a move to boost innovation and make India a global leader in technical textiles, the Union Textiles Ministry is offering grants of up to ₹50 lakh each to 150 startups working in this field.
Technical textiles, which include materials like Kevlar and Spandex, have a wide range of applications across various sectors like aerospace, defence, healthcare, and construction. This initiative is part of a ₹375 crore allocation for the National Technical Textiles Mission (NTTM) for the financial year 2024-25.
Focus on Growing Domestic Market
India is already the world’s fifth-largest market for technical textiles, valued at $21.95 billion in 2021-22. The government aims to accelerate the growth of this sector from 8-10% annually to 15-20% in the next five years. This push aligns with the broader goal of promoting innovation and entrepreneurship in the country.
Relaxed Royalty Cap to Benefit Startups
The ministry has also relaxed the royalty cap on these grants. Unlike traditional funding, the government won’t take a share of the profits generated by the startups, making it easier for them to grow and reinvest.
Building a Strong Technical Textile Ecosystem
The NTTM mission, launched in 2020, aims to achieve leadership in technical textiles through research, innovation, and promoting their use across industries. Additionally, the government has introduced other initiatives like the Production Linked Incentive (PLI) scheme for textiles, PM MITRA Park scheme, quality control regulations, and over 500 technical textile standards.
Startups Need to Contribute 10%
Startups interested in availing the grant will need to deposit 10% of the total funding upfront. This contribution, however, won’t be deducted from the ₹50 lakh grant
