Construction of highways and infrastructure can speed up India’s economic recovery says Union Minister VK Singh. The workforce is almost back to pre COVID levels, said he.
The Minister of State for Road, Transport and Highways emphasised on the development of road networks as they facilitate good transportation and support economic growth. He was addressing the annual session of industry body PHDCCI. He stated that ‘Aatmanirbhar Bharat’ is not just about being self-reliant in production but delivering effectively to the global market. He pointed out that Chinese markets serve globally but the quality is not sustainable and this gives India the opportunity to tap in. The country needs to strengthen manufacturing sector and increase competitiveness in the domestic production and widen the supply chain.
India’s economic recovery post the pandemic-related lockdown has been slow and relative to China. China’s fiscal stimulus and development of infrastructure has fueled China’s robust recover post the pandemic. Infrastructure push has led to higher metals demand which resulted in high prices of ferrous and non-ferrous commodities. Similarly, if India mirrors the same approach coupled with self-reliant spirit, India’s demand for construction metals will rise and increase the pace of economic recovery, believe industry participants.