In a significant move to accelerate innovation and sustainability within the textile industry, the Indian government has approved grants of ₹50 lakh each for seven startups focused on
In a significant move to accelerate innovation and sustainability within the textile industry, the Indian government has approved grants of ₹50 lakh each for seven startups focused on technical textiles. This initiative, part of the National Technical Textiles Mission (NTTM), aims to foster transformative developments in the sector and support emerging innovators.
The Centre’s decision to award ₹50 lakh grants to seven startups is designed to bolster innovation in technical textiles, a field that encompasses specialized fabrics with advanced functionalities for various applications. This funding is intended to support projects that drive significant advancements in areas such as sustainability, composites, high-performance textiles, meditech, and smart textiles.
The Ministry of Textiles, which oversees the implementation of this initiative, emphasized the importance of promoting innovation and self-reliance in India’s textile sector. “The grants aim to support startups in transforming their pioneering ideas into commercially viable technologies and products,” said a ministry spokesperson.
The current batch of grants is part of a broader strategy to support 150 startups under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme. This scheme encourages young innovators and scientists to develop new technologies and products, contributing to India’s goal of becoming a global leader in technical textiles.
The ministry had previously approved a similar grant for one startup, making this latest round of approvals a continuation of its commitment to nurturing innovation in the sector.
In a move to further support these startups, the textiles ministry has relaxed the royalty cap typically associated with such funding schemes. Traditionally, fund providers take a percentage of the profits as royalty in exchange for their investment. This relaxation aims to ease financial pressures on startups, allowing them to focus more on growth and development without the burden of high royalty payments.
The seven approved startups are working on a diverse range of projects that promise to make significant contributions to technology-driven manufacturing in India. Among the initiatives are:
These projects reflect the government’s emphasis on fostering cutting-edge research and development in technical textiles, with potential applications in various industries, including defense, healthcare, and energy.
Beyond startup funding, the Empowered Programme Committee (EPC) has also approved a grant of ₹6.4 crore to IIT Guwahati. This funding is earmarked for enhancing the institute’s technical textiles curriculum and upgrading its laboratory infrastructure within the Civil Engineering Department. This investment is expected to support advanced research and education in technical textiles, further strengthening India’s position in this field.
Technical textiles play a crucial role in the global textile industry, which is evolving rapidly with increasing demand for specialized products. According to a KPMG report, the Indian technical textiles market is the fifth-largest in the world, valued at $21.95 billion in 2021-22. The market has been growing at an annual rate of 8-10%, with a government target to accelerate this growth to 15-20% over the next five years.
Globally, the technical textiles market is projected to reach $274 billion by 2027, driven by diverse applications and advancements in textile technology. The Indian government’s push to support startups and educational institutions in this sector aligns with its broader strategy to boost the synthetics ecosystem and address gaps in textile and apparel production.
The approval of grants for these seven startups and the additional funding for IIT Guwahati represent a significant step forward in India’s technical textiles sector. By supporting innovation and research, the government aims to drive growth and establish India as a leader in this specialized field. As these initiatives unfold, they are expected to contribute to the development of new technologies and reinforce India’s competitive position in the global textile market.
