Innovative Startups Get Boost as GREAT Scheme Takes Off Under National Textiles Mission

The Ministry of Textiles has launched the 'Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme under the National Technical Textiles Mission (NTTM) since 2023 to support start-up ventures in the Technical Textiles sector. The scheme provides a maximum financial support of Rs. 50 Lakh to each approved start-up and has approved 31 start-ups at a total cost of Rs 15.40 crore.

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Prelims-testable facts

01The GREAT scheme is implemented by the Ministry of Textiles under the National Technical Textiles Mission (NTTM) since 2023.
02The scheme provides a maximum financial support of Rs. 50 Lakh to each approved start-up.
03A total of 31 start-ups have been approved under the GREAT scheme at a total cost of Rs 15.40 crore.
04The Government of India share in the total cost is Rs 13.65 crore.
05The GREAT scheme supports start-ups in six Technical Textiles segments: Indutech, Meditech, Protech, Oekotech, Buildtech, and Sportech.
06The approved start-ups are working on developing prototypes for advanced functional textiles, smart textiles, energy-harvesting fabrics, and medical solutions.

Trap alerts

Most people think the GREAT scheme is only open to start-ups in Tier 1 cities, but actually it is open to eligible start-ups across the country.
Most people think the GREAT scheme only provides financial support for start-up ventures, but actually it also provides technical/business mentoring, intellectual property and legal support, training, and networking assistance.

Prelims Practice MCQs

Single facteasy

Under which scheme is the Government of India providing financial assistance to start-ups in the Technical Textiles sector?

A.Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)
B.Scheme for Supporting Start-ups in Advanced Materials
C.National Mission for Technical Textiles Implementation Scheme
D.Start-up India Initiative for Technical Textiles

The GREAT scheme provides financial assistance to start-ups in the Technical Textiles sector, with a maximum support of Rs. 50 Lakh per approved start-up.

Statement I & IIhard

Consider the following two statements: Statement-I: The GREAT scheme provides financial support to young innovators and scientists. Statement-II: This support is a result of the scheme's objective to foster the start-up ecosystem in the Technical Textiles sector. Which one of the following is correct in respect of the above statements?

A.Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
B.Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I
C.Statement-I is correct but Statement-II is incorrect

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