Reforms in undergraduate engineering curriculum to produce engineers with entrepreneurial skills should address real-world problems relevant to industry and society with active industry support. Technology-assisted, hands-on projects involving experimentation, design simulation and prototyping will transform graduates into professionals with necessary skills to create and advance knowledge that meets global standards. To achieve this goal, this paper proposes establishing a central facility, "Centre for Engineering Experimentation and Design Simulation" (CEEDS) in autonomous engineering colleges in India. The centre will be equipped with the most recent technology resources and computational facilities where students execute novel interdisciplinary product-oriented projects benefiting both industry and society. Students undertake two projects: a short-term project aimed at an engineering solution to a problem in energy, health and environment and the other a major industry-supported project devoted to a product that enhances innovation and creativity. The paper presents the current status, the theoretical and pedagogical foundation for the centre's relevance, an activity plan and its implementation in the centre for product-based learning with illustrative examples.