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NIFT TEA Institute to get aid for incubation centre
Jul '17
Students at the Knitting Laboratory of NIFT TEA Institute; Courtesy: NIFT TEA Knitwear Fashion Institute
Students at the Knitting Laboratory of NIFT TEA Institute; Courtesy: NIFT TEA Knitwear Fashion Institute
The NIFT TEA Knitwear Fashion Institute in Tamil Nadu is among the ten institutions that will receive financial assistance from Niti Aayog for installing incubation centres. The aid will be provided by the Aayog in its first round of funding for Atal Innovation Mission (AIM), which intends to support the establishment of new Atal Incubation Centres (AICs).

AICs would nurture innovative start-up businesses in their pursuit to become scalable and sustainable enterprises, said a statement from Niti Aayog.

Under AIM, the Aayog would provide a grant-in-aid of up to Rs 10 crore for a maximum period of 5 years. The amount would cover the capital and operational expenditures to set up the AIC.

NIFT TEA Knitwear Fashion Institute, which presently does not have any collaboration with NIFT, New Delhi, is conveniently situated between Tiruppur Export Knitwear Industrial Complex (TEKIC) and Tamilnadu Adidravidar Housing Development Corporation (TAHDCO).

As per the terms of setting up AIC, NIFT TEA Institute will provide at least 10,000 sq ft of ready-to-use, built-up space, for the exclusive use of the AIC.

Aimed at encouraging innovative startups, the incubation centre will have suitable physical infrastructure in terms of capital equipment and operating facilities, coupled with the availability of sectoral experts for mentoring the startups, business planning support, access to seed capital, industry partners, trainings and other relevant components.

So far, the core focus of NIFT TEA has been to provide comprehensive and world-class knitwear education to the student community and thereby create an on-demand talent pool for India’s export-oriented apparel industry. (RKS)

Fibre2Fashion News Desk – India

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