Centre to fund 150 startups with Rs. 50 lakh (US$ 0.06 million) each for developing advanced technical textiles

The Union Textiles ministry plans to provide grants of up to Rs. 50 lakh (US$ 0.06 million) each to 150 startups engaged in developing advanced technical textiles such as Kevlar and Spandex. This initiative, part of a Rs. 375 crore (US$ 45 million) allocation for FY25 under the National Technical Textiles Mission (NTTM), aims to foster innovation without seeking any share of the profits. The ministry's support aligns with broader goals to boost the Indian technical textiles sector, which is the fifth largest in the world, and drive growth from 8-10% to 15-20% annually over the next five years. The initiative also includes relaxing the royalty cap, making it easier for startups to flourish.

Launched in 2020, the NTTM seeks to position India as a global leader in technical textiles by promoting research, innovation, and application across various sectors. As part of these efforts, the government has introduced several measures, including a production-linked incentive scheme for textiles, the PM MITRA Parks scheme, and the development of over 500 standards to promote technical textiles. To qualify for the funding, startups must deposit 10% of the total fund allocation in advance. The ministry's initiative is expected to encourage startups to transform their concepts into reality, contributing significantly to the growth of India's technical textiles market.

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