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Consider the following statements regarding the GREAT scheme:
- It gives impetus for the development of the technical textile startup ecosystem in India.
- Under it, the Union Ministry of Textiles will provide the entire funding.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the GREAT scheme: It gives...
Recently, the Union Ministry of Textiles released the guidelines of the GREAT scheme.
- Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) Scheme focuses on supporting individuals and companies to translate prototypes to technologies & products, including commercialization.
- Aim: To provide much-needed impetus for the development of the technical textiles startup ecosystem in India, especially in niche sub-segments such as bio-degradable and sustainable textiles, high-performance and speciality fibres, and smart textiles.
- Funding:
- Under this scheme grant-in-aid of up to Rs 50 lakh for up to a period of 18 months will be provided.
- The textile ministry will additionally provide 10 per cent of total grant-in-aid to incubators.
- Only a minimum of 10 per cent contribution has to be made by the incubatee.
- All of this is being done by incubators like IITs, NITs, Textiles Research Associations, and Centres of Excellence.
- The textiles ministry has also given a nod to 26 institutes for upgrading their laboratory infrastructure and training of trainers in the application areas of technical textiles.
- The scheme will be commensurate with the National Technical Textiles Mission.
Hence only statement 1 is correct.
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Consider the following statements regarding the GREAT scheme: It gives...
Statement 1: It gives impetus for the development of the technical textile startup ecosystem in India.
Statement 2: Under it, the Union Ministry of Textiles will provide the entire funding.
The correct answer is option 'A', i.e., only statement 1 is correct.
Explanation:
The GREAT (Global Research and Advanced Innovation) scheme is an initiative launched by the Union Ministry of Textiles to promote the development of the technical textile startup ecosystem in India. Let's discuss each statement in detail:
1. It gives impetus for the development of the technical textile startup ecosystem in India:
The GREAT scheme aims to provide a platform for startups, entrepreneurs, and innovators in the technical textile sector by providing financial and technical support. It aims to foster innovation, research, and development in the industry, which will contribute to the growth and development of the technical textile startup ecosystem in India. The scheme encourages startups to develop new and innovative solutions in areas such as medical textiles, defense textiles, geo-textiles, sports textiles, and agro-textiles, among others. By providing impetus and support, the scheme aims to create a vibrant startup ecosystem in the technical textile sector, which will contribute to the overall growth and competitiveness of the Indian textile industry.
2. Under it, the Union Ministry of Textiles will provide the entire funding:
This statement is incorrect. The GREAT scheme does not provide the entire funding for the startups. Instead, it provides financial assistance in the form of grants, subsidies, and support for research and development activities. The scheme aims to facilitate collaboration between startups, industry players, and research institutions by providing financial support for research projects, technology development, and commercialization of innovative products. However, the startups are also expected to contribute their own resources and seek additional funding from other sources such as venture capitalists, angel investors, and financial institutions.
In conclusion, the correct statement is that the GREAT scheme gives impetus for the development of the technical textile startup ecosystem in India. The second statement, which states that the Union Ministry of Textiles will provide the entire funding, is incorrect.
Statement 2: Under it, the Union Ministry of Textiles will provide the entire funding.
The correct answer is option 'A', i.e., only statement 1 is correct.
Explanation:
The GREAT (Global Research and Advanced Innovation) scheme is an initiative launched by the Union Ministry of Textiles to promote the development of the technical textile startup ecosystem in India. Let's discuss each statement in detail:
1. It gives impetus for the development of the technical textile startup ecosystem in India:
The GREAT scheme aims to provide a platform for startups, entrepreneurs, and innovators in the technical textile sector by providing financial and technical support. It aims to foster innovation, research, and development in the industry, which will contribute to the growth and development of the technical textile startup ecosystem in India. The scheme encourages startups to develop new and innovative solutions in areas such as medical textiles, defense textiles, geo-textiles, sports textiles, and agro-textiles, among others. By providing impetus and support, the scheme aims to create a vibrant startup ecosystem in the technical textile sector, which will contribute to the overall growth and competitiveness of the Indian textile industry.
2. Under it, the Union Ministry of Textiles will provide the entire funding:
This statement is incorrect. The GREAT scheme does not provide the entire funding for the startups. Instead, it provides financial assistance in the form of grants, subsidies, and support for research and development activities. The scheme aims to facilitate collaboration between startups, industry players, and research institutions by providing financial support for research projects, technology development, and commercialization of innovative products. However, the startups are also expected to contribute their own resources and seek additional funding from other sources such as venture capitalists, angel investors, and financial institutions.
In conclusion, the correct statement is that the GREAT scheme gives impetus for the development of the technical textile startup ecosystem in India. The second statement, which states that the Union Ministry of Textiles will provide the entire funding, is incorrect.
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Consider the following statements regarding the GREAT scheme: It gives impetus for the development of the technical textile startup ecosystem in India. Under it, the Union Ministry of Textiles will provide the entire funding.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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