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  Business   In Other News  16 Apr 2020  Construction projects worth Rs 59 lakh crore impacted due to covid19

Construction projects worth Rs 59 lakh crore impacted due to covid19

ANI
Published : Apr 16, 2020, 1:40 pm IST
Updated : Apr 16, 2020, 1:40 pm IST

Indian construction industry employs over 4.9 crore people, close to 12 per cent of the nation's working population

 construction projects impacted due to covid-19. (DC Photo)
  construction projects impacted due to covid-19. (DC Photo)

New Delhi: Construction projects worth more than Rs 59 lakh crore are under development across the country and most of them have been impacted severely by covid-19, global professional services firm KPMG has said.

Labour and capital can be expected to be in short supply once the restriction ends. Thus there needs to be a framework in place to prioritise projects over a 30 to 45 days window.

"In a time-bound manner, project owners should chalk out a plan to minimise the impact of covid-19 and ensure viability and sustenance of projects going forward in a changed environment," said KPMG in India.

At the same time, project owners should revisit project management processes to remove inefficiencies, promptly identify and remove external stakeholder interface bottlenecks.

The Indian construction industry employs over 4.9 crore people, close to 12 per cent of the nation's working population. Further, it has a multiplier effect on nearly 250 allied industries.

Significantly, one of the largest construction company in the country is spending about Rs 15 crore per day to provide support for 2.3 lakh labourers staying at labour camps.

They are being provided with food and basic amenities, wages, sanitation and medical facilities.

Besides, construction productivity gets impacted during the monsoon period. This current period until June to July, when monsoon sets in for most parts of the country, is critical to not loose high productivity.

Covid-19 impact across the economy is sudden and wide-spread. "But this presents an unprecedented opportunity for us to respond and reset some of the baselines in the construction sector in India."

Post Covid-19, the construction sector could consider the introduction of new clauses in future contracts to set out clear guidelines for action and relief in extreme eventualities and to minimise disputes that may arise at such a time.

Tags: construction sector, covid 19 india, coronavirus lockdown, coronavirus crisis, kpmg india, indian construction firm, construction industry
Location: India, Delhi, New Delhi