Present study is an endeavour to investigate growth pattern and productivity trends in small scale rubber and plastic products industry of Punjab. The growth of industry has been gauged in terms of variables - number of units, fixed investment, employment and production. Yearly growth rates have been computed to catch year- to- year fluctuations in growth and compound annual growth rates (CAGRs) have been worked out to ascertain the impact of the policies of liberalized regime on growth of this industry. Productivity trends have been sketched in terms of partial factor productivities of labour and capital. In order to understand the strengths and weaknesses of the industry, SWOT analysis has been conducted. The study revealed that the liberalisation has promoted the use of capital intensive and labour saving techniques of production leading to a dismal growth of employment and sluggish growth of number of units.