Ludhiana, Aug 13 (KNN)  The Union Ministry of Commerce and Industry has sanctioned Rs 12 crore towards improving equipment at the Institute for Autoparts and Hand Tools Technology here.

The move will prove to be a boon for hand tool makers of Punjab as the soon-to-come state of the art facility will ensure that product quality is of international standards.  About 400 micro small and medium units are expected to benefit from the same.

The facility is expected to help cut imports of cold forge sockets by Rs 1,000 crore annually, and at the same time enhance India's export of hand tools from the present Rs 850 crores to Rs 3,000 crores in the next three to four years.

The technologically advanced industry support institute will go a long way to assist the MSME sector, enabling it to become competitive in global markets and at the same time boost exports from the state.

The project comes under the ASIDE (Assistance to States for Development of Export Infrastructure and Allied Activities) scheme of the Government of India.

According to FIEO, they had submitted a project proposal to the tune of Rs 35.23 crore of which the government has sanctioned Rs 12 crore.  They now expect the state government to approve of the balance.  (KNN/ES)