He issued the orders in a meeting with officials of the technical education and industrial training department and board, an official release said.
The minister said that major changes and steps were being taken to improve the quality of technical education in the state.
"The need of the hour is to improve the credibility and merit of the technical educational institutes so that the national and international industry come forward for the placements," Channi said.
This audit would be done by government officials, Channi said, adding that the audit report would be submitted by March 31 and after this, 15 days would be given to the institutes to fulfil the shortcomings.
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The whole process of audit would be completed by May 31 and if the institutes fail to fulfil the terms and conditions then action would be initiated against them, he said.
The Punjab government has also decided to set up a system to monitor examination centres of technical educational institutes online through CCTV cameras, the release said.
He said that all private and government ITIs and polytechnic colleges have been asked to install this system.