Industrialization in Bangladesh

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Avatar for Adity.Saha
2 years ago

The role of industrial sector in the economic development of Bangladesh is immense. Increasing industrialization is essential for achieving sustainable economic development and social progress. The economic development of a country largely depends on the industry and industrialization of that country. Due to globalization, the current world economy is turning into a free economy. Therefore, the progress of industry is essential for the survival of Bangladesh in a competitive market system.

*Industrial system of Bangladesh:

The industrial structure of Bangladesh is underdeveloped and weak. The economic situation in Bangladesh is still fragile as a result of almost 200 years of British rule and 24 years of Pakistani rule and exploitation. As a result, it was not possible to expand industrialization. Industry usually refers to the processing of raw materials into finished goods with the help of factory machinery. Lack of suitable raw materials, shortage of capital, shortage of skilled workers, lack of education system are the major problems or obstacles in the way of industrialization. However, at present the industrial system is much more advanced than before. According to the Economic Survey of Bangladesh 2013, the contribution of the industrial sector in the 2012-13 financial year was 31.96 percent.

*Industrial Policy of Bangladesh:

ā€˜Industrial Policy-2010ā€™ was announced in 2011 to accelerate the pace of industrialization by considering industrialization or industrial sector as the most important sector. The main objective of this policy is to create productive employment, bring women into the mainstream of the industrialization process and alleviate poverty. In addition to industrial policy, the Sixth Five-Year Plan 2011-2015 aims to reduce the number of people suffering from unemployment, hunger and poverty by building a prosperous and modern industry.

*Problems of Industry in Bangladesh:

Despite the availability of raw materials, natural resources and cheap labor, no significant progress has been made in the field of industry in Bangladesh. Historical, political and economic factors are significant among the problems of the existing industry. During the British rule, factories were built in England using the raw materials of this country. The few factories that existed during the Pakistan period were destroyed by the ruthless destruction of Pakistani soldiers in the war of independence. Due to the low per capita income of the people of Bangladesh, capital formation has not been done in a way that has hindered industrialization. The United States suspended Bangladesh's GSP facility after the recent Rana Plaza collapse in Savar killed many workers. Which has tarnished the image of Bangladesh. Which could have long-term effects on other industries. Moreover, due to lack of technical knowledge of workers, lack of mineral and energy resources, lack of foreign aid, political instability, lack of industrial credit, proper planning, lack of education, etc., the industry of Bangladesh is facing various obstacles.

*Ways of Industrialization in Bangladesh:

There is no alternative to industrialization for economic development. Industrialization provides employment to many people. Power and energy are among the major issues of industrialization in Bangladesh. The power and energy sectors are called the lifeblood of production. Therefore, the development of this sector is urgent. Moreover, it is necessary to establish technical schools, polytechnic institutes, engineering colleges and agricultural colleges for the manpower with technical knowledge. Apart from this, the path of industrialization in Bangladesh will be paved if the credit system of private entrepreneurs, infrastructure development, planned industrialization, creation of markets abroad, increase in foreign direct investment, government patronage and political stability are maintained.

Above all, the importance of industrial resources in Bangladesh is immense. If the industrial system is improved, the overall condition of the country will be improved. We have to work towards building a sustainable industrial system by eliminating industrial problems. This will make the industrial structure self-sufficient. Which will play an important role in our national development.

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Avatar for Adity.Saha
2 years ago