Centre To Fund 150 Startups With ₹50 Lakh Each For Developing Advanced Technical Textiles

(MENAFN- Live Mint) "New Delhi: The Union textiles Ministry is planning to give grants of up to ₹50 lakh each to 150 startups that are engaged in making technical textiles such as Kevlar and Spandex, said two people aware of the development.
The ministry will also not seek any share of the profits from the business that is generated.
The funding is part of a ₹375 crore allocation for FY25 from the National Technical Textiles Mission (NTTM).Also read | India plans subsidies, tax sops to boost synthetic yarn manufacturingTechnical textiles such as Kevlar, Spandex, Nomex and Twaron have application in sectors such as aerospace, defence, automobiles, healthcare, construction and agriculture largest marketAs per a KPMG report, the Indian technical textiles market is the 5th largest in the world and stood at $21.95 billion in 2021-22, with production amounting to $19.49 billion and imports $2.46 billion. In the past five years, the Indian technical textiles market has grown at 8-10% per annum and the government aims to accelerate this to 15-20% over the next five years global technical textiles market was estimated at $212 billion in 2022 and is expected to reach $274 billion by 2027, growing at a CAGR of 5.2% during 2022-27, driven by increasing demand cross industries and the rapid development of new applicative products, according to the KPMG report read |
Commerce ministry brainstorms to develop SOPs for trade dealsThe government's focus on supporting startups in this sector aligns with its broader goal of promoting innovation and entrepreneurship in the country, the textiles ministry has relaxed the royalty cap on this scheme. Generally, every fund provider takes a percentage of the profits that the start-up earns as 'royalty', in return for their investment. This relaxation will make it easier for start-ups to grow, one of the people cited above said global leadershipNTTM was launched in 2020 with the aim to position India as a global leader in technical textiles by promoting research, innovation, and the use of technical textiles in various sectors.
In addition, the government has launched a production linked initiative or PLI for textiles, the PM MITRA Parks scheme, introduced quality control regulations and developed over 500 standards to promote the technical textiles read |
Centre plans action against firms not complying with fire-resistant fabric ruleThe second person said start-ups interested in availing the fund will need to deposit 10% of the total fund allocation in advance. For example, to get ₹50 lakh from the ministry, the start-up must deposit ₹5 lakh of its own money. This ₹5 lakh will not be deducted from the ₹50 lakh fund.“As of now, 10 startups are set to be approved next week, with the remaining startups to be selected in phases over the next few months,\" this person said teethMint reported on 14 April that the textiles ministry is working on developing fabric-based artificial teeth to make dental implants more affordable. The plan involves using dental resins made from polyester to replace expensive ceramic, polymer, and composite implants, with research being conducted by institutions like AIIMS and IITs. Fabric-based teeth are already used in countries like Germany and the US to cut costs.
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Centre to set up labs for testing marquee textiles meant for exportsGaurav Duraisamy, director of Tailor & Circus, a start-up manufacturing innerwear from eucalyptus tree fibers, said, \"The textiles ministry's initiative will encourage start-ups to turn their concepts into reality. I'm also looking forward to participating to avail the benefits of the scheme.\"
Mint also reported on 19 March that the government is planning to bring new quality control orders (QCOs) for textiles products, including technical, protective and build-tech textiles to put a check on substandard imports from China.
Technical textiles comprise PPE kits, and masks among others; while protective textiles comprise safety kits for firefighters and construction workers of now, bedsheets, pillow covers, shoe covers, napkins, baby diapers, orchard protection covers, fencing nets, and insect nets among others have been brought under the QCO' ambit. The government has set a target to bring over 2,000 products under the QCO in the coming years read |
India plans to make carbon fibre in response to EU carbon taxMoreover, India is the world's third largest exporter of textiles and apparel and ranks among the top five global exporters in several textile categories, with exports expected to reach $65 billion by FY 2026 move comes as India negotiates free trade agreements (FTAs) with several countries. These deals will ultimately lower import duties on manufactured items, which requires India to be on guard against imports of substandard goods emailed to textiles secretary, spokesperson of textiles ministry and Startup Association of India remained unanswered till press time.

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