14th June 2024- The Centre has taken a significant step towards promoting innovation in the textiles sector by approving grants of ₹50 lakh each for seven startups in the technical textiles field under the National Technical Textiles Mission (NTTM). This move, aimed at fostering innovation and sustainability, aligns with the ministry’s goal of supporting 150 startups in the technical textiles space. The relaxation of the royalty cap and the approval of projects focusing on sustainability and advanced textiles underscore the government’s commitment to nurturing entrepreneurship and technological advancements in the sector.
Under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme, these startups will receive funding to transform their ideas into commercial technologies. Projects range from developing military-grade composites to nano-fiber infused textiles for energy generation, promising significant contributions to India’s manufacturing landscape. Additionally, a grant of ₹6.4 crore has been approved for IIT Guwahati to enhance technical textiles education and infrastructure.
This initiative underscores the government’s recognition of the potential of technical textiles in driving economic growth and global competitiveness. With the Indian technical textiles market poised for accelerated growth, such investments aim to capitalize on the sector’s immense potential. By fostering innovation and entrepreneurship, the government seeks to position India as a global leader in technical textiles, contributing to the nation’s self-reliance and economic development.
Conclusion
The approval of grants for startups and educational institutions, coupled with a focus on innovation and sustainability, reflects the government’s proactive approach towards promoting the growth of the technical textiles sector in India.
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