In reference to the ongoing pandemic, KPMG in India has released a report titled “Reviving the construction sector in India post COVID-19”.
The COVID-19 pandemic has brought the entire economy to almost a standstill. In the construction sector, COVID -19 pandemic has created disruptions in the regional, domestic, and overseas construction supply chain and resourcing including the availability of labor, plant, machinery, materials, capitals, etc. the impacts of which are expected to be felt over the near and long term.
As the lockdown eases out in the near future, the revival of the construction sector is vital for the recovery from an economic impact standpoint of COVID-19. This is also a unique, time-bound opportunity for us to promptly respond and reset some of the baselines for the construction sector in India.
Below are some key highlights from the sector that is critical for the recovery of the overall economy:
Chintan Patel, Partner, and Leader – Building, Construction, and Real Estate, KPMG in India said, “Over 49 million people, i.e. close to 12 percent of nation’s working population is employed by the construction sector. Hence to expedite recovery from the economic impact of COVID, the revival of the sector is vital. Given the limitations around available capital, resources and necessary health safeguards in the near future, both project owners and contractors will have to have clear strategies and respond effectively to these four critical questions – How to prioritize projects given the constraints? How to minimize the impact of COVID and make projects viable again? How to build resilience and safeguard projects from future emergencies? and last but not the least, how to minimize disruptions to the construction process from future disputes and claims ?”
Reviving the construction sector in India
KPMG in India recommends the next steps to help make informed decisions and manage projects effectively, post COVID-19.
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