How Construction can emerge stronger after Coronavirus
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Building materials, engineering and the construction industry together play a vital role in the post-pandemic retrieval of our communities and economies. Not only the Indian community but global communities have also been largely impacted by COVID-19. The sector has been instrumental in acting as a ‘saving grace’ to a large number of people and various organizations and also aiding in the recovery; doing everything from providing lifesaving equipment to building hospitals in a matter of days. The construction industry, which accounts for 13% of global GDP, has also experienced a big blow by the closure of several building sites. Additionally, operational limitations and disruptions of supply chains have affected the majority of active locations. Financial indexes have also reflected this unrest. While organizations and governments throughout the world are acting quite efficiently, much work still needs to be done. The leaders in engineering, building and building materials are currently concentrating on rethinking the new normal. The five vistas they are presently concentrating on are:
Many of the top performers in the sector have changed their future plans in order to match them with the new normal that is gradually coming to the forefront. In order to sustain the sector and the nation in the long run, new business models need to be created. According to experts, COVID-19 will have long-term effects on various aspects of the construction sector in India and overseas.
Being India's second-largest employment after agriculture, the construction sector is vital to the stability of the economy there. Numerous sectors rely on the nation's construction industry as it is a fundamental sector. For instance, the construction equipment manufacturing industry which covers around 500 companies is anticipated to be worth INR 375 billion by the end of 2023.
Whether in Pune, Maharashtra, Telangana or Uttar Pradesh, the building sector was having a difficult time even before the epidemic arrived in India. Due to the NBFC crisis and rising levels of NPAs in financial institutions, there was a liquidity shortage, making it difficult for builders of all shapes and sizes to get finance. Builders did, however, learn from their mistakes, analyze them and to some extent, change. The size and cost of housing units decreased, locational perceptions of particular areas and countries altered and building technology also saw a slight adjustment.
Material supply chains that are used in construction were also hampered. However, the Central Government made several actions to better the position of builders after becoming aware of the problem. Builders breathed a sigh of relief because the majority of states had extended project registration for RERA-registered projects by up to six months.
Speaking about U.P, the state also implemented a number of initiatives to improve the condition of regional businesses in the construction sector. It has, for example, given preliminary permission to the plan to raise the Floor Area Ratio and permitted mixed land use in industrial districts. The fact that this permission would encourage building in certain locations makes it a critical choice.
The following are however some of the positive trends which have emerged owing to the pandemic: ????????
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1) The opening of several high-profile government infrastructure projects, including sizable road, rail and harbour projects as well as other construction contracts.
2) Access to a variety of training courses on digital platforms and a renewed emphasis on training.
3) Use of social media and technology to connect with internal and external stakeholders has significantly increased.
4) Increase in emphasis on the delivery of high-quality goods and services and more professional interactions between parties participating in construction projects.
5) Improved financial management of projects to guarantee prompt payments and protect cashflows throughout the whole supply chain for the construction industry.
6) Implementation of new strategies.
7) Automation of manufacturing and processing operations for building materials.
A mutual effort may rebuild the industry and support the economy as long as there is continual communication between role-players and everyone is aware of what is expected of their business, industry, suppliers and customers. Cooperation and communication may help the sector conserve its resources, which will help future ventures succeed.