Urging Tube Investments to get into newer product range apart from cycles, steel tubes, chains and metal forms, Chidambaram said: 'Indian engineering industries have the capability and capacity to absorb technology and manufacture advanced technology products.'

He said the country should go back to the old mantra of import substitution, but this time of high technology products.

He praised the Murugappa family, saying, 'The Murugappa Group has been able to accommodate every member of its family through organic and inorganic growth and at the same time infuse professionalism by offering lateral entry to outsiders.'