Textiles Ministry Maps Over 4,000 Startups for Export-Readiness Push

New Delhi, Oct 21 (KNN) The Ministry of Textiles has identified more than 4,000 textile-based startups that could receive targeted support to scale up and become export-ready over the next three to four years, according to an official familiar with the plan.

The initiative aims to bring smaller businesses, including digital-first ventures, under a common support framework and develop a pipeline of future exporters, The Economic Times reported, citing the official.

The ministry plans to aggregate these enterprises to improve market access, expand business activity in underserved regions and identify firms with the potential to enter overseas markets.

Focus On Startups And Digital Businesses

The proposed outreach will cover conventional textile entrepreneurs as well as startups and smaller businesses using social media-led commerce, provided they are formally registered. The focus will particularly include enterprises recognised under the Department for Promotion of Industry and Internal Trade (DPIIT) framework.

The ministry aims to assess the challenges these businesses face in scaling up, including access to finance, compliance, branding, production capacity and market linkages.

Consultations To Begin In November

The first round of interactions is expected to begin in late November or early December, followed by a national startup conclave in December. The consultations will bring together textile entrepreneurs from across the country and help the ministry identify gaps in existing support mechanisms.

The discussions are expected to inform assistance for businesses seeking to expand operations and develop export capabilities.

Startup India Schemes May Support Expansion

Existing Startup India initiatives, including the Fund of Funds for Startups and the Credit Guarantee Scheme for Startups, could provide funding and credit support to eligible textile ventures.

The ministry's exercise is aimed at identifying businesses that are ready to scale up and determining what additional assistance they need to access wider markets.

The initiative could broaden India's textile export base by bringing smaller manufacturers and digitally driven businesses into the formal export ecosystem over the coming years.

(KNN Bureau)