India News | Govt Approves Startup Loan to Firm for Commercialising 'compostable' Plastic

New Delhi, Aug 16 (PTI) 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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)