The pandemic has had its toll on the global markets in ways never experienced before. It has caused countries to reconsider their economic dependencies. Vik Bansal, the new Chief Executive Officer for InfraBuild, points out that the manufacturing sector in Australia has continued to weaken significantly in the wake of the coronavirus pandemic. The number of people working in the manufacturing industry has decreased compared to the mid-20th century, where one out of three Australians worked in the manufacturing sector. The country would rather export raw materials only to import the finished products.
However, through the Modern Manufacturing Initiative, the Australian government has embarked on a revamping mission to tap fully into the country’s manufacturing potential to get its economy back on its feet and secure its future. According to Bansal, the initiative acknowledges the significance of a robust domestic manufacturing sector in realizing economic self-reliance. The resulting job opportunities would be a significant boost to the local community and the economy.
The Modern Manufacturing Initiative would offer a turnaround to Australia’s steel industry, particularly InfraBuild, which would benefit from the initiative’s clean energy and recycling plans. As per the initiative, InfraBuild will be significant in establishing a stable local steel industry in Australia. Under the leadership of Bansal, InfraBuild can comfortably serve the local market in measures up and above those offered by overseas suppliers. Bansal highlights that what the Australian economy needs to survive the pangs of the pandemic is a strong manufacturing and steel industry as it serves as a backbone in almost everything, be it schools, hospitals, roads, and homes, among others.
Vik Bansal advocates for a circular economy. Throughout his over 20 years in the corporate world, Bansal has served in various top-rank positions across Asia, Africa, and the US. A graduate in Electrical Engineering and an MBA holder, Bansal is a founding board member of the NWRIC.