Ministry Told To Clear Cipet Move To Raise Foreign Funds

The standing committee on petroleum and chemicals has urged the finance ministry to process the application of Madras-based Central Institute of Plastic Engineering & Technology (Cipet) seeking a $14 million external assistance to upgrade its training and other related facilities across the country.

The institute, which provides trained manpower and technical services to the plastics and allied industries, plans to open new centres in Maharashtra, Rajasthan, Kerala, Noida and Assam during the ninth plan.

Cipet recently established one-service centre at Goa and one training institute at Goa to accelerate the growth of plastic industries in and around that area.

It had earlier received a $12-million loan from the World Bank, which was converted into a grant in 1993.

 

The institute has purchased equipment through international bids for testing tool room and processing.

Cipets revenue has been rising at an impressive rate of 25 per cent per year and is expected to go up to Rs 4.70 crore in 1996-97 compared with Rs 2.07 crore in 1992-93. It expects to attain self-sufficiency by end of the ninth plan.

The central budgetary support to the institute has declined considerably, from Rs 24.50 crore in 1995-96 to Rs 7.65 crore in 1997-98.