In a significant move aimed at fostering innovation and sustainability, the Central government has given the green light to grant INR 50 Lakh each to seven startups operating in the technical textiles sector under the ambit of the National Technical Textiles Mission (NTTM).
Today, the NTTM has approved a total of eight startup proposals, focusing on driving advancements in sustainability, composites, high-performance textiles, meditech, and smart textiles. This milestone announcement was made during the 7th meeting of the Empowered Programme Committee (EPC) of the NTTM, chaired by Rachna Shah, Secretary of the Ministry of Textiles, on Thursday, June 13.
In addition to sanctioning grants to startups, the EPC has allocated INR 6.4 Cr to IIT Guwahati. This funding injection is earmarked for the enhancement of laboratory infrastructure within the institute’s Civil Engineering Department and the introduction of new technical textiles subjects.
These grants have been awarded under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme. The initiative aims to empower young innovators, scientists, technologists, and startup ventures to transform their ideas into commercial technologies and products, thereby fostering self-reliance in India.
Under the GREAT scheme’s criteria, eligible startups must operate as private limited companies, partnership firms, or LLPs, with an annual turnover below INR 100 Cr in any preceding financial year. They should focus on innovating and enhancing existing products, with an emphasis on potential job creation. Additionally, startups must be registered under the Indian Companies Act and incorporated within the fast five years, maintaining operational R&D facilities or affiliations with an incubator.
Launched in 2020, the NTTM aims to position India as a global leader in technical textiles, advocating for research, innovation, and the widespread application of technical textiles across various sectors.
The introduction of the NTTM underscores the government’s commitment to bolstering local manufacturing capabilities. Last August, Inc42 reported that the Ministry of Textiles would allocate 10% of the grant-in-aid to incubators. Furthermore, 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.
