The Union textile ministry is planning to issue an order to provide up to Rs 50 lakh each to technical  textile related 150 startups. A person close to the development team told mint that the startups related to technical textile industry such as Spandex and Nomex will be benefited from this scheme.  In addition to this the ministry won’t take any profit share from the business. 

This funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25. Technical textiles are used in various sectors and plays an important role in sectors  including automobiles, aerospace, defence, construction, agriculture, and healthcare, among others. KPMG reported the Indian textile was worth of $21.95 billion in 2022 with production amount of  $19.49 billion. The Indian technical textile market increased by 8 to 10 percent per annum in past five  years. The government of India is aiming to accelerate this market by 20 percent in next five years.  

The global technical textile market is predicted to increase rapidly and reach $274 billion mark by 2027.  The technical textile sector is predicted to keep growing with a CAGR of 5.2 percent till 2027 due to its  increasing demand and rapid development of new products. National Technical Textile Mission was  launched in 2020 to make India a global leader in technical textile sector by innovating, promoting  research an using the technical textile in various sectors. The Indian government has been trying  different schemes to position India as a leader of technical textile industry. 

The PM MITRA parks programme was introduced to offer quality control regulation and developed  500+ standard to promote the sector. This new scheme to offer Rs 50 lakh is another step to strengthen  the Indian textile industry. The interested start-ups may need to deposit 10 percent of total allocated  fund in advance, a person told Mint. Same source mentioned that 10 startups are set to be approved  for next week and remaining startups will be selected in next months. India is already third largest  exporter of textile and now the Indian textile industry is predicted to reach $65 billion by FY26.

Conclusion: 

Union Textile Ministry will grant Rs 50 lakh each to 150 startups working in technical textile industry.  The startup related to technical textile industry such as Spandex and Nomex will be benefited from  this scheme and the ministry won’t take any profit share earned from the business. This step is taken  by the government to advance technical textile sector an strengthen India’s position in world map. This  funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25.

The government of India is aiming to accelerate this market by 20 percent in next  five years. The global technical textile market is predicted to increase rapidly and reach $274 billion  mark by 2027. This step taken by government will encourage many new technical textile startups to  take step and turn their concept into reality. This scheme was introduced after India negotiated free  trade agreements with other countries which will lower the import duties on manufactured goods.