The government on Thursday announces that the centre will soon release norms and guidelines to support startups, according to the media reports. The aim behind this is to boost expanding innovation in undertaking research and innovation in the technical textiles segment.
The Government is contemplating a grant of up to Rs 50 lakh for approved proposals, a top official said on Thursday, according to the media reports.
The media reports further stated that the Secretary in the Textiles Ministry Rachna Shah said that she is hopeful that the norms will be unveiled in a month's time.
There is a discussion of constituting an evaluation committee which would decide on approving the proposed Rs 50 lakh grant.
Addressing a press briefing, the secretary informed that the government is looking at measures to cut India's heavy import dependence on machinery and speciality fibre for the technical textiles sector.