Recession provides opportunity to small-scale units in Punjab
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)