Centre Greenlights INR 50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation

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In a move to boost innovation and sustainability, the Centre has approved grants of INR 50 Lakh each for seven startups in the technical textiles sector under the National Technical Textiles Mission (NTTM).

As of today, eight startup proposals have been approved under NTTM, focusing on sustainability, composites, high-performance textiles, meditech and smart textiles, driving significant advancements in these crucial areas. 

The announcement was made by Rachna Shah, Secretary, Ministry of Textiles, while chairing the 7th meeting of the Empowered Programme Committee (EPC) of the NTTM on Thursday (June 13).

In addition to approving startup funding, the EPC has allocated INR 6.4 Cr to IIT Guwahati. This funding will support the introduction of new technical textiles subjects and the enhancement of laboratory infrastructure within the institute’s Civil Engineering Department.

The grants have been approved under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme. This initiative aims to encourage young innovators, scientists, technologists, and startup ventures to transform their ideas into commercial technologies and products, thereby fostering self-reliance in India.

As per GREAT guidelines, to qualify for the GREAT scheme, startups must operate as private limited companies, partnership firms, or LLPs with a turnover below INR 100 Cr in any previous financial year. They should be dedicated to innovating and enhancing existing products, with a focus on potential job creation. 

Additionally, they must be registered under the Indian Companies Act and have been incorporated within the past five years. Startups are required to maintain operational R&D facilities or have affiliations with an incubator.

Launched in 2020, NTTM aims to establish India as a global leader in technical textiles through initiatives that promote research, innovation, and the widespread application of technical textiles across various sectors.

The Centre launched the NTTM to boost local manufacturing in the country. Last August, Inc42 reported that the Ministry of Textiles would allocate 10% of the grant-in-aid to incubators. Additionally, it approved INR 151 Cr in funding for 26 institutes to upgrade laboratories and introduce courses on technical textiles. 

Beneficiary institutes included IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, and Amity University.





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Centre Greenlights INR 50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation


In a move to boost innovation and sustainability, the Centre has approved grants of INR 50 Lakh each for seven startups in the technical textiles sector under the National Technical Textiles Mission (NTTM).

As of today, eight startup proposals have been approved under NTTM, focusing on sustainability, composites, high-performance textiles, meditech and smart textiles, driving significant advancements in these crucial areas. 

The announcement was made by Rachna Shah, Secretary, Ministry of Textiles, while chairing the 7th meeting of the Empowered Programme Committee (EPC) of the NTTM on Thursday (June 13).

In addition to approving startup funding, the EPC has allocated INR 6.4 Cr to IIT Guwahati. This funding will support the introduction of new technical textiles subjects and the enhancement of laboratory infrastructure within the institute’s Civil Engineering Department.

The grants have been approved under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme. This initiative aims to encourage young innovators, scientists, technologists, and startup ventures to transform their ideas into commercial technologies and products, thereby fostering self-reliance in India.

As per GREAT guidelines, to qualify for the GREAT scheme, startups must operate as private limited companies, partnership firms, or LLPs with a turnover below INR 100 Cr in any previous financial year. They should be dedicated to innovating and enhancing existing products, with a focus on potential job creation. 

Additionally, they must be registered under the Indian Companies Act and have been incorporated within the past five years. Startups are required to maintain operational R&D facilities or have affiliations with an incubator.

Launched in 2020, NTTM aims to establish India as a global leader in technical textiles through initiatives that promote research, innovation, and the widespread application of technical textiles across various sectors.

The Centre launched the NTTM to boost local manufacturing in the country. Last August, Inc42 reported that the Ministry of Textiles would allocate 10% of the grant-in-aid to incubators. Additionally, it approved INR 151 Cr in funding for 26 institutes to upgrade laboratories and introduce courses on technical textiles. 

Beneficiary institutes included IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, and Amity University.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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