Govt approves startup loan to firm for commercialising 'compostable' plastic
The government Tuesday approved a startup loan of Rs 1.15 crore to a bioplastics firm for commercialising ''compostable'' plastic and mitigating the usage of Single Use Plastics (SUP).
In a statement, the Science and Technology ministry said an MoU was signed between the Technology Development Board, a statutory body under Department of Science & Technology, and TGP Bioplastics Private Limited, Satara, Maharashtra, for manufacturing and commercialisation of compostable plastic.
Science and Technology Minister Jitendra Singh was apprised that the StartUp has come up with an alternative solution of Single Use Plastic (SUP) with the prototype of a compostable plastic material which breaks down as a compost in soil without affecting the environment.
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