WITH AN AIM to boost exports and create high-value jobs, the government on Tuesday launched a new scheme which would provide up to ₹50 lakh as financial assistance to startups and individuals engaged in technical textiles development.
The scheme, titled GREAT (grant for research and entrepreneurship across aspiring innovators in technical textiles), will be implemented through incubators, including Indian Institute of Technology (IIT), National Institute of Technology (NITs), textiles research associations and centres of excellences.
The scheme is aimed at supporting 100-150 startups.
"We are going to support up to ₹50 lakh in the form of grant-inaid for up to 18 months without any royalties or equity. Only a minimum of 10% contribution has to be made by the incubatee," Rajeev Saxena, joint secretary, ministry of textiles, said.
This story is from the August 30, 2023 edition of Financial Express Mumbai.
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This story is from the August 30, 2023 edition of Financial Express Mumbai.
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