The Ministry of Textiles said on Tuesday that the Central government has approved a new programme to offer financial support of up to 50 lakh to people and businesses involved in technological textiles.
The grant-in-aid is offered for up to 18 months under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) programme.
It’s interesting to note that companies must not be older than five years to qualify for the grant.
“The Ministry will give incubators an additional 10% of the total grant-in-aid as an incentive. A minimum investment of 10% of the funding from the incubatee in two equal payments is required, according to the statement, to improve authenticity and dedication to the initiative.
“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, and smart textiles, among others,” it was stated.
The government has also given 26 institutes the go-ahead 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 implementation of technical textile degree programmes as well as technical textile courses or papers in important departments or specialisations.
In all, 151.02 crore worth of applications were approved, of which 15 were from public institutions valued at 105.55 crore and 11 were from private institutions valued at 45.47 crore, according to the statement.
IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, and Amity University are a few of the prestigious institutions to be supported under the scheme, it was said.
Regarding technical textiles’ quality and regulation, the government has announced two QCOs (quality control orders) for 31 technical textile goods, including 12 protective textiles and 19 geotextiles, which will take effect on October 7.
