Comparing India's growth with Bangladesh inappropriate: Indian minister tells parliament

[Homo Sapiens]

Tbf he's not wrong comparing gdp per capita is dumb. Parts of India with similar population to Bangladesh are far ahead of us we still have a very long way to go

India is a very unequal place. All of those socalled ''Developed'' South Indian states combined has population equal to very poor Uttar Pradesh! poorest Bihar is more populous than 'Developed' maharashtra! So you can see the so called 'developed' belt of India is easily nullified by two poor, populous BIMARU states in India. So when we talk about India as some place ''far ahead'' of Bangladesh, we need to take accounts of these facts. Uttar Pradesh's per capita GDP is half the level of India or Bangladesh and for Bihar it is about one-third.

 

[Baby Leone]

yeah it was only appropriate when India is ahead in few things due to size

 

[Black Tornado]

yeah it was only appropriate when India is ahead in few things due to size

This is the actual reason why, our economy is dependent on various sectors, while Bangladesh has focussed mainly on its textile and garment sector.

And we are further diversifying our economy on various sectors.

 

[Homo Sapiens]

This is the actual reason why, our economy is dependent on various sectors, while Bangladesh has focussed mainly on its textile and garment sector.

Things are changing in Bangladesh, for the last few years, non garments industries in Bangladesh enjoyed rapid growth. I will give you some example. Few years ago, Bangladesh was dependent on foreign imports for electrical home appliance, now majority of electrical home appliance such as Refrigerator, LED TV, Washing machine, AC etc. are meet by local production.

Electronics goods exports jump 8.5 times in nine months

Bangladesh's consumer electronics exports jumped 8.5 times in the first nine months of the fiscal year 2020-21, compared to the same period of the previous fiscal year, according to the Export Promotion Bureau (EPB). During the July-March period of the FY2019-20, Bangladesh earned around $1.44 mil

thefinancialexpress.com.bd

One and a half-decade ago, the local demand for electronics products were met with the imported goods. Now the local brands have proved their mettle in capturing more than 90% of the markets by overcoming the foreign brands' complete dominance.


Only five or six years ago, local manufacturing of Motorcycle started in Bangladesh, now local motorcycle manufacturer producing half a million motorbike annualy and dominating 80 percent of local market.

Bangladesh Motorcycles - Fact & Data 2024 | MotorCyclesData

Bangladesh Motorcycles industry run was sharply stopped in 2023. Huge price increase and skyrockets interest rates cooled the demand and the market dropped 21.4% after years of records.

www.motorcyclesdata.com

Same thing happened with Smartphone and mobile handset. Local production now dominate the market.

Mobile phone handsets assembled in Bangladesh grab 60pc market share

Some 10 telecom vendors have set up plants in Bangladesh considering the size of market and increasing purchasing power of the population. The emergence of tech firms in just three years since 2017 now meets nearly 60-per cent domestic demand, approximately 30-million handsets annually, people fam

www.thefinancialexpress.com.bd

IT industry in Bangladesh is rapidly growing. IT export already crossed a billion Dollar and may touch 5 billion Dollar by 2025.

Bangladesh is now self sufficient in cement production and exporting which was not the case in the past. Agro processing industry in Bangladesh grown rapidly in the last few years and export of agricultural product now crossed 1 billion Dollar. It increased 8 times in the last 12 years.

Bangladesh’s agriproducts export earnings hit $1 billion mark

Country’s earnings from agricultural products witness over eight-fold rise in 12 years

www.dhakatribune.com

There are many light and medium sized industries that are flourishing in Bangladesh. Domestic Car manufacturing is about to begin. Ship manufacturing is also maturing in Bangladesh.

Although garment export still provide around 80 percent of export earning in Bangladesh, but non garment export kept up with high growth rate of garment export for the last few years. It is only a matter of time that non garments export share will rise once garments export reach a ceiling.

The fundamental equation of export sector is going to change once Bangladesh graduate from LDC in 2024. Up until now, due to LDC trade facilities, govt. only focused with garments export and only this single sector was given all those trade facilities that other countries give other industries. The import tariff in industrial raw material other than garments in very high in Bangladesh plus non garments industrial sectors have to pay high corporate tax. These things made non garments industrial production cost in Bangladesh comparatively high and non competitive in global market. Govt.s thinking was, focus on only garments export as it enjoy LDC trade facilities and squeeze other sectors to collect easy tax revenue.

Now as LDC graduation looming, govt. is starting to loosen it's grip on other industries, they are trying to sign FTA and PTA with other countries which will make our industrial raw material import cheaper thus cost effective in production, it will also increase FDI as export from Bangladesh will be globally competitive. To harness this potential, govt, is building 100 Exclusive Economic Zone around the country on over one hundred thousand acres land. The biggest one in Mirsarai Economic zone, a whopping 35 thousand acres Industrial park close to Chittagong port. It is going to be the largest Economic Zone in Asia.

 

[Maula Jatt]

Things are changing in Bangladesh, for the last few years, non garments industries in Bangladesh enjoyed rapid growth. I will give you some example. Few years ago, Bangladesh was dependent on foreign imports for electrical home appliance, now majority of electrical home appliance such as Refrigerator, LED TV, Washing machine, AC etc. are made by local production.

Electronics goods exports jump 8.5 times in nine months

Bangladesh's consumer electronics exports jumped 8.5 times in the first nine months of the fiscal year 2020-21, compared to the same period of the previous fiscal year, according to the Export Promotion Bureau (EPB). During the July-March period of the FY2019-20, Bangladesh earned around $1.44 mil

thefinancialexpress.com.bd

One and a half-decade ago, the local demand for electronics products were met with the imported goods. Now the local brands have proved their mettle in capturing more than 90% of the markets by overcoming the foreign brands' complete dominance.


Only five or six years ago, local manufacturing of Motorcycle started in Bangladesh, now local motorcycle manufacturer producing half a million motorbike and dominating 80 percent of local market.

Bangladesh Motorcycles - Fact & Data 2024 | MotorCyclesData

Bangladesh Motorcycles industry run was sharply stopped in 2023. Huge price increase and skyrockets interest rates cooled the demand and the market dropped 21.4% after years of records.

www.motorcyclesdata.com

Same thing happened with Smartphone and mobile handset. Local production now dominate the market.

Mobile phone handsets assembled in Bangladesh grab 60pc market share

Some 10 telecom vendors have set up plants in Bangladesh considering the size of market and increasing purchasing power of the population. The emergence of tech firms in just three years since 2017 now meets nearly 60-per cent domestic demand, approximately 30-million handsets annually, people fam

www.thefinancialexpress.com.bd

IT industry in Bangladesh is rapidly growing. IT export already crossed a billion Dollar and may touch 5 billion Dollar by 2025.

Bangladesh is now self sufficient in cement production and exporting which was not the case in the past. Agro processing industry in Bangladesh grown rapidly in the last few years and export of agricultural product now crossed 1 billion Dollar. It increased 8 times in the last 12 years.

Bangladesh’s agriproducts export earnings hit $1 billion mark

Country’s earnings from agricultural products witness over eight-fold rise in 12 years

www.dhakatribune.com

There are many light and medium sized industries that are flourishing in Bangladesh. Domestic Car manufacturing is about to begin. Ship manufacturing s also maturing in Bangladesh.

Although garment export still provide around 80 percent of export earning in Bangladesh, but non garment export kept up with high growth rate of garment export for the last few years. It is only a matter of time that non garments export share will rise once garments export reach a ceiling.

The fundamental equation of export sector is going to change once Bangladesh graduate from LDC in 2024. Up until now due to, LDC trade facilities, govt. only focused with garments export and only this single sector was given all those trade facilities that other countries give other industries. The import tariff in industrial raw material other than garments in very high in Bangladesh plus non garments industrial sectors have to pay higher corporate tax. These things made non garments industrial production in Bangladesh comparatively high and non competitive in global market. Govt.s thinking was, focus on only garments export as it enjoy LDC trade facilities and squeeze other sectors to collect easy tax revenue.

Now as LDC graduation looming, govt. is starting to loosen it's grip on other industries, they are trying to sign FTA and PTA with other countries which will make our industrial raw material import cheap thus cost effective in production, it will also increase FDI as export from Bangladesh will be globally competitive. To harness this potential, govt, is building 100 Exclusive Economic Zone around the country on over one hundred thousand acres land. The biggest one in Mirsarai Economic zone, a whopping 35 thousand acres Industrial park close to Chittagong port. It is going to be the largest Economic Zone in Asia.

That sounds way too big for an economic zone

They're mostly 2,3 thousand at best

 

[Homo Sapiens]

That sounds way too big for an economic zone

They're mostly 2,3 thousand at best

Yes it is very big, but all of those land will not be developed for industries at once. It will be developed in stages over several decades. The best thing about this Mirsarai Economic Zone is that, it is totally a reclaimed coastal swamp land which was unsuitable for agriculture or human habitation. So to develop it, not a single acre of farmland were lost and no one got evicted.