Recession provides opportunity to small-scale units in PunjabFebruary 10th, 2009 - 4:03 pm ICT by ANI
Mohali, Feb 10 (ANI): The financial meltdown may have wiped off many job opportunities across the globe, yet some small industrial units in Punjab are not only surviving but are also kicking.
Making an opportunity out of crisis, the small units manufacturing automobile parts and engineering goods grabbed low volume orders placed before them. The bigger units are trimming down their production and focusing on cost cutting. It has shifted the orders towards the small-scale sector in the state.
“Large-scale industry cannot operate on low volumes so either they have closed some of their units or have reduced their production. Small units are getting some benefit because of this, said B S Anand, President, Mohali Industries Association. Although very smaller units are reaping rich dividends despite economic slowdown, the owners of such units feel that innovation is the key to success even in a demand-starved economy.
Experts say that the companies strategizing in terms of adding new product lines and re-deployment of workforce will be the ones to survive the economic slowdown.
“These small scale industries are the companies which are proving tangible services to be consumed by the people for which there cannot be any decline,” said A.K Vashisht, industry expert.
Over 1,200 small-scale and large-scale units employing more than 100,000 people operate in Mohali. Most of these manufacture engineering goods and automobile parts. (ANI)
- Small sector companies reaping dividends in global financial slowdown - Feb 20, 2009
- Financial meltdown a boon for small factories in Punjab - Jan 20, 2009
- Vast groundwater reserves detected in Sahara - Apr 22, 2012
- India to hold electrical tools expo in Dhaka - Mar 13, 2011
- Global garment factories leaving China - Mar 28, 2012
- 'India Show' to be held in Toronto - Oct 11, 2011
- Punjab industrialists fume over 58-hour weekly power-cut - Mar 22, 2010
- Four new NIDs to come up (With Images) - Dec 12, 2011
- Big India plans for next-gen Finnish power company - Sep 13, 2012
- Delhi's Trade Fair opens doors for marketing for small-scale industries - Nov 17, 2010
- India's BEML to distribute heavy equipment in Ghana - Nov 02, 2011
- Working model of hydrogen-run lorry demonstrated - Nov 10, 2011
- Tata Motors halts production at Jamshedpur plant - Jun 28, 2012
- Cabinet approves special incentives for electronics sector - Jul 12, 2012
- Auto industry welcomes rate cut - Apr 17, 2012
Tags: anand, automobile, benefit, decline, deployment, economic slowdown, economy, financial meltdown, globe, industry expert, innovation, job opportunities, mohali, recession, rich dividends, scale sector, small scale industries, volume orders, workforce