Construction contracts plunge 43% in FY20

Infrastructure sector activity witnessed a decline of 43 per cent in FY20, following financial troubles at the national road builder NHAI and the massive contraction in March due to the lockdown, according to a report. The problem was more pronounced in the final quarter of the year, as the government contracts came to an almost full standstill as it cut spending to maintain fiscal numbers under check, and the final week saw the entire nation coming to a halt due to the lockdown. The overall contract awarding activity fell 26 per cent year-on-year in March.