Punjab will soon have a technologically advanced industry support institute to help the MSME sector become competitive in global markets and enhance exports from the state.
The Union ministry of commerce and industry has recently sanctioned Rs 12 crore for improving equipment at the Institute for Autoparts & Hand Tools Technology at Ludhiana under ASIDE (Assistance to States for Development of Export Infrastructure & Allied Activities).
"We have submitted a project report of Rs 35.23 crore to the Centre, of which Rs 12 crore has been sanctioned and the rest is likely to be sanctioned by the state government," said S C Ralhan, regional chairman, FIEO (Federation of Indian Export Organisations).
Ralhan added, "The facility is going to be a boon for hand tool manufacturers of Punjab, as the product quality of this manufacturing plant is of international standard. About 400 MSMEs will benefit."
He said the facility would help cut imports of cold forge sockets by Rs 1,000 crores annually, as well as enhance India's exports of hand tools from the present Rs 850 crores to Rs 3,000 crores in the next three to four years.
