Most sectors have been affected by COVID-19. Some of the factors contributing to the decline in the supply chains are Covid-related labor shortages, increased demand, and raw materials scarcity. The effects of the pandemic were first felt at the international shipping terminals before spreading to warehouses and later to the distribution centers.
Despite the slow return of normalcy, the effects of COVID-19 are still there because they weakened the manufacturing sector. Though countries across the globe are trying to rebound their economy by reopening businesses, there’s still a lot that needs improvement. Some developed countries, including Australia, are now rethinking their dependencies.
According to the newly appointed InfraBuild CEO Vik Bansal, hard work creates a strong, sustainable, and self-sufficient economy. When Mr. Bansal got his appointment at Vik Bansal InfraBuild, a leading steel manufacturing, recycling, and distribution company, he knew he needed to transform the business and change the whole waste management sector. To him, the COVID-19 pandemic was an eye-opener to Australians because they have left the manufacturing industry to languish.
Before in the mid-20th century, one out of three Australians used to work in the manufacturing industry. Today, only one in 13 people are working there. Surprisingly, 50 years ago, 30% of Australia’s GDP was made in the manufacturing sector. Today, GDP made from this sector is only 6% because the country exports its raw materials to other countries who add value to them and later import them to Australia as finished products.
Recently, the Australian government set aside $1.3billion for MMI. This money to revive the Australian economy, as well as build the economy for future resilience. The government hopes to change how people view Australia by making it a high-quality and more sustainable manufacturing nation.
About Vik Bansal
Vik Bansal has been the CEO and the Managing Director of Cleanaway since August 2015. Since his appointment, the company has recorded improvement in growth and transition. Vik has held many leadership positions like the president and COO of Valmont Industries, Group President of AAP, and GEIP. Additionally, he is a board member of NWRIC.
Learn more about Vik Bansal: https://www.nwric.com.au/team-member/vik-bansal/