Hand Tools Manufacturers in Punjab Are Pinning Hope Over Setting up of Manufacturing Unit

The hand tools manufacturers in Punjab are pinning hope over setting up of the state-of-the-art socket wrench manufacturing unit and a continuous bright hardening and tempering plant at a common facility centre (CFC) called ‘The Institute for Auto & Hand Tool Technology’, Ludhiana. The facility will enable the micro, small and medium enterprises (MSMEs) to get their work outsourced and also assist them in the adoption of newer technologies. Trial run has been done and the commercial production is likely to be started soon. The manufacturers are of the view it is likely to boost hand tool export from Punjab, which is witnessing a negative growth of about 15-20 per cent in the current financial year due to the slow down in the US and European economies. Punjab’s hand tool industry accounts for 70-80 per cent of the total hand tool exports from India with the sector dominated by MSMEs. In 2010-11, the total exports from India was US $ 252.61 million (Rs 1150.76 crore). The final export data of 2011-12, is yet to be compiled but according to engineering export promotion council it would be around 20 per cent increase over fiscal year 2010-11. According to estimates, over 350 hand tools manufacturing units situated in Ludhiana and Jalandhar are likely to get shot in the arm with the setting of the new facility. The facility will enable the MSMEs to get their work outsourced, besides it will also assist them in adoption of new technology. This was a long pending demand of the industrialists. Source: Business Standard