Reflecting on the year gone by as far as infrastructure development is concerned, the best that could be said is that the status quo was largely maintained with most ongoing projects continuing to be executed across all sectors, albeit at a slower progress rate on account of the nationwide lockdown imposed starting 23 March 2020 due to the COVID-19 pandemic, with relaxations beginning to be introduced only around mid-May 2020.
New projects were either stalled or experienced a longer tender and award cycle. It is worth noting that the economy had slowed down even before the pandemic which necessitated the diversion of critical resources towards the containment of the same.
Funds had to be diverted to social and health-related causes. The economy started to show signs of a modest recovery in September, with new infrastructure projects beginning to come online towards the end of the year.
In 2021, with the country now largely open for business barring remaining restrictions on international flights, it is a must for the government to give the economy a solid boost with a generous stimulus package for large infrastructure projects.
This would be the surest way for an economic rebound, creating thousands of much-needed jobs.
The government needs to boost infrastructure spending across all sectors, but with a focus on de-densification of urban settlements through low-cost housing programs and the establishment of greenfield development nodes with state-of-the-art infrastructure away from existing urban centers. Such development nodes would need employment-generating investments.
The Government must therefore reassess the policy framework towards attracting more foreign direct investment across diverse sectors. Healthcare infrastructure must also receive a significant boost such that any such occurrence in the future could be better handled without crippling the economy.