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

livemint.com:

₹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,