The Indian government has approved a new scheme to provide financial assistance of up to ₹50 lakh to startups and individuals engaged in technical textiles. The scheme, called Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT), aims to support the development of new technologies and products in the technical textiles sector.
The scheme is open to startups that are less than five years old and are working in the areas of agro-textiles, building textiles, geo textiles, home textiles, medical textiles, mobile textiles, packaging textiles, protective textiles, sports textiles, and more.
To be eligible for the grant, startups must have a strong research and development component and must be working on innovative products or technologies. They must also have a clear business plan and must be able to demonstrate the potential for commercialization.
The grant will be provided in the form of a grant-in-aid and will be used to support the startup’s research and development activities, as well as its marketing and commercialization efforts.
The GREAT scheme is a major boost for the technical textiles sector in India. It will help to create a more conducive environment for startups in the sector and will help to accelerate the development of new technologies and products.
The scheme is also expected to create jobs and boost economic growth in the country.
In addition to the GREAT scheme, the government has also taken other steps to support the development of the technical textiles sector. These include:
- Setting up of the National Technical Textiles Mission
- Providing incentives for the development of technical textiles parks
- Promoting research and development in the sector
- Facilitating the export of technical textiles products
These initiatives are expected to help to make India a global leader in the technical textiles sector.