The Union Textiles Ministry will fund 150 startups with grants of up to Rs. 50 lakh (US$ 0.06 million) each to advance technical textiles such as Kevlar and Spandex, according to media reports.
This initiative is part of the National Technical Textiles Mission (NTTM), which has a budget of Rs. 375 crore (US$ 45 million) for FY25. The aim is to foster innovation without claiming any share of the startups' profits.
Launched in 2020, the NTTM seeks to position India as a global leader in technical textiles by promoting research and innovation. The ministry's support is expected to boost the Indian technical textiles sector's growth rate from 8-10 per cent to 15-20 per cent annually over the next five years, media reports revealed.
As per media reports, to qualify for the funding, startups must deposit 10 per cent of the total fund allocation in advance. The initiative also includes relaxing the royalty cap to create a more conducive environment for startups. This move complements other government measures such as the production-linked incentive scheme for textiles, the PM MITRA Parks scheme, and the development of over 500 standards for promoting technical textiles.
The ministry's efforts aim to transform innovative ideas into market-ready products, significantly contributing to the growth of India's technical textiles market.
