You assume that EU/US will completely stop imports from BD.
The most that is likely to happen is that EU may suspend GSP privileges. BD has not enjoyed any privileges from USA since 2013.
Anyway, I have already mentioned before that BD is being harmed more than helped by GSP privileges these days. It is stopping the garment industry from becoming more efficient through machinery/automation and climbing quicker up the value ladder,
I do not think India will now want to get into that territory you say as BD and India are working together with Nepal/Bhutan to create a region of 400 million people where goods,services and energy will flow freely. India knows that harming BD is only harming itself in the end - West will not be able to pit either country against each other.
PS - People were jumping up and down here predicting "regime change" in BD if it did not align with West on Ukraine war. It was easy to see that this was never going to happen at the time.