The Startup India Seed Fund Scheme of the Central Government has recognised the Atal Incubation Centre at NIFT TEA in Tirupur.
The centre would now get Rs. 3 crore under the scheme.
As per T.R. Gowri Shankar, programme lead at the Centre, Rs. 1.5 crore would be given this financial year, while the rest would be given next year by the Union Government.
This step will benefit the individual as well as companies as a maximum of Rs. 30 lakh would be given as debt to eligible start-ups (across the India) in the textile and apparel industry.
Units that applied for the seed fund should be a registered start-up and those who get the funding would start repaying the amount after a moratorium for one or two years.
It is worth mentioning here that the Atal Incubation Centre at NIFT TEA has 50 incubatees.
