The world economy was greatly affected by the raging coronavirus pandemic. One of the most affected areas is the supply-chain sector. This industry has witnessed unprecedented challenges arising from labor shortages, increased market demand, and scarce raw materials.
The challenges faced during this period have forced several developed countries to re-evaluate their dependencies. The release of a vaccine saw some level of normalcy return with businesses opening their doors and economies beginning to recover. However, the effects of the pandemic on the economy can still be seen even at a domestic level.
Australia, being one of the leading global manufacturers, is yet to recover from the effects of the pandemic. However, newly appointed InfraBuild CEO Vik Bansal InfraBuild is optimistic about the coming months. The former CEO of Cleanaway believes with hard work and commitment; the country can regain its manufacturing strength geared toward self-sufficiency and sustainability.
According to Vik, strengthening the domestic manufacturing sector has a direct effect on the rate of employment in the country. By boosting local manufacturers, the government can effectively create a stronger and healthier economy. Mr. Vik also pointed out that focusing more on a service-based economy may only benefit the company during good times. However, a major disruption in the economy could lead to massive job loss, in turn leading to several other socio-economic issues.
By focusing on high-quality manufacturing, a country is able to maintain stability and even ensure long-term sustainability. The manufacturing sector also helps to promote an innovative culture which can then be applied across multiple sectors.
According to Vik Bansal, rejuvenating the manufacturing and steel industry in Australia is one of the best approaches in the post-Covid era. The pandemic brought to light the inadequacies faced in industries and in the supply-chain sector. To move forward, the Australian government needs to acknowledge its failures and work on supporting local manufacturers to ensure long-term growth and sustainability. to know more click here.