Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
Introduction:
The GREAT Scheme is an initiative by the Ministry of Textiles, Government of India. It aims to boost innovation and entrepreneurship in the technical textiles sector.
Objectives:
- Promote research and development: GREAT encourages scientists, technologists, and startups to translate their ideas into commercially viable products and technologies for technical textiles.
- Support Startups and Individual Entrepreneurs: The scheme provides financial assistance to individuals and startups for developing functional prototypes and commercializing technical textile solutions.
- Enhance Market Penetration: GREAT aims to increase the use of technical textiles in India by fostering innovation and product development.
- Niche Segment Focus: The scheme has a specific focus on supporting innovation in niche areas like bio-degradable and sustainable textiles, high-performance and speciality fibres, and smart textiles.
Funding:
- The scheme offers grant-in-aid of up to Rs. 50 lakh for a period of up to 18 months.
- This funding can be utilized for activities like research, development, prototype creation, and commercialization.
- The Ministry of Textiles provides an additional 10% of the total grant amount to incubators supporting these startups.
- · The selected startups are required to contribute a minimum of 10% of the sanctioned grant amount in two equal installments.
Implementation Timeline:
- The GREAT Scheme was launched with a four-year implementation period, starting from FY 2020-21 and concluding in FY 2023-24. (It’s important to note that UPSC might ask about recently launched schemes, so you can mention this as a point, but be aware the current implementation period might be over).
Significance:
- The GREAT Scheme plays a crucial role in propelling India’s technical textiles sector towards self-reliance and global leadership.
- By fostering innovation and entrepreneurship, the scheme can contribute to job creation, import substitution, and technological advancement in the textile industry.
