Really be able to overtake India in terms of per capita income?: Whatever the difference in GDP or gross national product, Bangladesh is trying to touch India with an average per capita income. Not only that, many are saying with statistics, in two or three years, Bangladesh will surpass India’s per capita income.
Our national pride, even if only a little, is diminished when we think that the people from the neighboring country who are constantly coming to this country for improvement of life, for livelihood, will surpass that ‘Greater India’.
Really be able to overtake India
Don’t get me wrong. We do not envy the development of Bangladesh. But how can a relatively young country, a country that has been in political turmoil for so long, outperform a strong and influential country like ours in terms of per capita income? Is it really possible? Let’s see.
The speed of Bangladesh
Really be able to overtake India- In terms of economic growth, Bangladesh has shown good results in the last few years. After the partition of India in 1947, East Pakistan was formed. There was a lot of animosity between the eastern and western provinces of Pakistan over greater autonomy.
It has been going on for many years. After that the independence movement of Bangladesh started. Bangladesh won its war of independence in 1971 under the leadership of the Awami League and with the support of India. In 1973, the average per capita income of Bangladesh was 120 US dollars. And India was a little more than that, 140.
Political instability has pushed Bangladesh backwards in various ways at different times. This is a small country, then the military coup and the rapid change of power, Bangladesh suffered a lot in the first many years of independence.
Bangladesh’s economy is mainly dependent on exports of readymade garments
Since 2004, however, the situation has changed. “Bangladesh’s economy is mainly dependent on exports of readymade garments, and remittances from Bangladeshis living abroad. Infrastructure has been added to this lately, ”says Pratimaranjan Basu, an expert on India’s economic relations with its eastern neighbors.
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In the words of Pratimababu, “Economic sources say that investment in infrastructure has a major impact on GDP growth. In the last five years, huge investments have been made and are being made in infrastructure development in Bangladesh. Such as Padma bridge, railway development, new power plant, river port etc. It should have an impact on economic growth. “
The textile industry provides more than 80 percent of Bangladesh’s total exports
The textile industry provides more than 80 percent of Bangladesh’s total exports. In 2016-17, the sector gave the country 26 billion (2.8 billion) US dollars. Much of Bangladesh’s GDP comes from the service sector. Agriculture is also important, because 50 percent of Bangladeshis are engaged in agriculture. All this information is reported by the CIA Factbook. The way in which the per capita income of Bangladesh has increased between 2012 and 2016 is worth seeing. According to the World Bank, Bangladesh’s per capita income increased by an average of 9.06 percent annually between 2012 and 2016 to ১ 1,330.
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At the same time, India’s per capita income grew by 3.07% year-on-year. If the two countries continue to grow at the same rate in the future, the per capita income of Bangladesh and India will be almost equal in 2020, and in 2021, Bangladesh will surpass India.
Pakistan’s per capita income in 2005 was higher than that of India and Bangladesh
Interestingly, Pakistan’s per capita income in 2005 was higher than that of India and Bangladesh. Pakistan’s per capita income that year was 630. India had 600 and Bangladesh had 530. The next ten years have seen a huge change. Today, India is 1.60, Bangladesh is 1,330 and Pakistan is 1,500. If indeed Bangladesh can maintain a growth rate of 9 per cent per capita per annum till 2020-21, if India and Pakistan remain at the current pace, it will be easier for Bangladesh to overtake both the countries.
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‘Bharat Bhagya Bidhata’ in no way
At a time when Bangladesh has done well, India’s economy is going through various challenges. A big reason for this is our economic reform. The central government’s claim is that short-term growth has suffered somewhat for long-term and sustainable development. The rate of economic growth has slowed down somewhat. At one time, India saw economic growth of 6 percent a year. Now that growth rate has been reduced to 7-8 percent. It is at this time that Bangladesh’s economic growth has kept pace and accelerated. But there is no reason to think that the Indian economy will slow down in the next few years.