Last year this time, the whole world had come to a standstill owing to the first wave of COVID-19. A pandemic and the subsequent lock-down was a first-of-its-kind experience for us and we were obviously ill-equipped to handle the crisis.
The Industry During First Wave
Both the pandemic and the lockdown left a serious impact on different sectors and businesses. The construction sector in India, which constitutes the second largest employer following the agriculture sector, too, took a big blow.
According to CREDAI (Confederation of Real Estate Developers Association of India), when the first wave of COVID-19 hit India, there were 20,000 live construction projects in 18,000 sites, employing over 8 million labourers.
What followed was a mass exodus of migrant labourers returning to their native places. About 30 % of the labourers are said to have moved back. This, inadvertently, brought all the construction works to a halt. Every partaker in the industry had to suffer losses in their own ways.
Covid-19 Second Wave; The Industry Bounces Back
Cut to 2021, we are in a similar situation again. The second wave of COVID-19 has left a bigger and graver impact in the situation, prompting lockdowns in many States.
A year down the lane, how is the construction industry taking it? It is safe to say the construction industry is better prepared this time around. The members have learnt from the previous year’s experience and have turned that knowledge into their strength.
The developers have devised a plan to take care of its workforce on-site, while complying with the respective State governments’ SOPs. The labourers are being provided with food, shelter and healthcare. They are also provided with masks and sanitizers, and are exposed to regular sanitisations and vaccine awareness. Most developers also facilitate RT PCR tests within the provided timelines and offer paid leaves for vaccination.
By pushing the health and hygiene of the workers as a top priority during the lockdown, they have not only managed to retain the labourers but also ensure that the work is carried out full-fledged. The sector has also managed to tackle reverse migration by providing all the employers with regular payment.
Work, At Full Pace!
By ensuring the labourers are well fed, housed and given adequate healthcare to protect themselves against COVID-19, work has been happening at full pace without troubling interruptions. This way, the construction industry could withstand the aftermath of the second wave and stay sound economically.
You need not reconsider your investment decisions so much, as the sector has now proved its resilience. With efficient guidance to navigate you through the new changes, you can still make a smart investment choice.