Vik Bansal is among the most respected business leaders globally thanks to his prosperous two-decade career that has had him serving as an executive in notable enterprises in North America, Asia, and Australia. Currently, he is the CEO of InfraBuild, the leading steel manufacturer, recycler, and distributor in Australia. The country’s manufacturing sector was among those hardest hit by the pandemic. Now that the pandemic is slowly fading, the industry is embarking on recovering to its former glory. Recently, Vik Bansal discussed post-pandemic recovery for Australia’s manufacturing sector.
The launch of the Modern Manufacturing Initiative
The InfraBuild CEO mentioned that the Covid-19 pandemic laid bare that Australia had let its manufacturing sector deteriorate from its glory days in the 1970s when it made up about 30% of the country’s Gross Domestic Product. He pointed out that as the sector gears to start post-pandemic recovery, the government has seen it fit to offer its support. This support comes in the form of the Modern Manufacturing Initiative (MMI), a fund worth $1.3 billion designed to boost the sector to its glory days. Vik Bansal stated that besides providing manufacturing enterprises with a grant for them to expand their operations, the fund is also meant to encourage more sustainable practices in the sector. He added that MMI also aims to develop the local market for the manufacturing industry, as the pandemic has made it clear that overreliance on the international market can also be a problem and more
About Vik Bansal
Vik Bansal boasts having outstanding academic qualifications, including the INSEAD Advanced Management Program certification, a Masters in Business Administration, and an Electrical Engineering degree. He previously served as the CEO of Cleanaway, the top Australian waste management company. Bansal is a member of Engineers Australia and the Australian Institute of Company Directors. He is also credited as the National Waste and Recycling Industry Council (NWRIC) founding member.