Punjab News/Mittal asks industry to innovate and compete in global market

Mohali, December 10, 2013: Madan Mohan Mittal, Industries and Commerce Minister, Punjab today allayed the apprehension of Micro Small and Media Entrepreneurs’ regarding adverse impact of Chinese import on the growth of their industry and said that we would have to innovate and compete in the global market to beat China in its own game.
Presiding over the session ‘Towards Engineering Excellence’ to invite investment proposals on Light Engineering and MSME on the second day of Progressive Punjab Investors Meet at Indian School of Business, Punjab’s Industrial Minister said that Punjab had been torchbearer in the growth of Small and Medium Industry and Punjabi Entrepreneurs through their innovations and skills have weathered all storms including days of militancy to excel in the light engineering, hand tools and cycle industry. He said that it goes to the credit of Punjabi Entrepreneurial Skills that they have created a niche for themselves in the global market browbeating every challenge with their innovative cost cutting exercises without compromising on the quality of the product.
Reacting to the issues raised by the budding entrepreneurs, Mittal said that Indian entrepreneurs have capacity and capability to meet the challenges of Chinese glut with their innovative and entrepreneurial skills. He said that we should not keep China as benchmark but think ahead of them to beat them in their own game.
Promising total support and cooperation from Punjab Government, Mittal said that new Investment Promotion Policy unveiled by Punjab Deputy Chief Minister Sukhbir Singh Badal has addressed the concerns of Small and Medium Industry and this policy would be catalytic in ushering new era of growth and economic prosperity.
Focusing on Research and Development, the Industry Minister said that every entrepreneur would have to invest 10 percent of its investment on R&D activities to develop product according to the changing requirements of market and consumer. He said in new economic scenario consumer was ‘king’ and market has to evolve according to felt needs of consumer.
Participating in the panel discussion Mahesh Munjal, Chairman Majestic Auto recalled the growth of Hero Industries in Punjab and said that Punjab was the ‘heaven’ for small scale industry to industrial atmosphere, cheap availability of labour besides total support of state government in Industrial Growth.
Swaminathan D, Chairman Manipal Hospitals, called upon entrepreneurs to ‘think big and out of box to remain in forefront. Yashovadhan Saboo, MD KDDL Ltd. Stressed the need for quality control and Upkar Singh Ahuja, Group MD New Swan Group spoke about opportunities in the hand tool sector.
Earlier, Karan Avtar Singh, Principal Secretary, Industries and Commerce spoke about the salient features of new industrial policy and addressed concerns and apprehensions of new entrepreneurs.  / punjab news live, punjab news online, punjab news, punjab news headlines, punjab breaking news, india news, punjab news,
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