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Aug 07, 2021 NEWSLETTER |
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Bangladesh on cusp of industrial revolution, consumptions propelling growth : HSBC Bangladesh is on the cusp of an industrial revolution as incomes rise and technology plays an ever-increasing role in the economy, according to the global bank HSBC’s observation. In its recent observations, HSBC has described Bangladesh as "hidden gems" for investors, noting that Bangladesh has grown into one of Asia's fastest growing economies with a very exciting long-term demographic story 50 years after its independence. Moreover, the economy, under the able leadership of Honourable Prime Minister (HPM) Sheikh Hasina, has remained resilient and maintained a strong growth momentum despite disruptions created by the Covid-19 pandemic as consumption propelled growth. Moreover, the country’s economic growth exceeded 7% for four years in a row before the pandemic, while its population grew at a pace with around 165 million. |
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Bangladesh’s economy marks significant gains, per capita income rises to $2,227 
Amid the adverse impacts descended upon the economy following the Covid-19 induced lockdown, Bangladesh has marked a course of significant gains on different economic indices in the just-concluded 2020-21 fiscal year with a 5% rise in the overall economy according to Bangladesh Bureau of Statistics (BBS). As a result, per capita income in the country rose by 10% year-on-year to $2,227 in the just-concluded fiscal year. Braving the ripples in the face of the pandemic, the economic activities started recovering gradually in the subsequent 2020-21 fiscal year following the lifting of the more than two-month long countrywide shutdown, and the recovery efforts by people continued until the beginning of the second wave of coronavirus few months back. |
With an aim to inoculate 3.2 million people against COVID-19 in six days, the government has rolled out an expanded mass vaccination campaign in more than 15,000 vaccination centres across the country. The nationwide vaccination drive will continue in city corporation areas until Aug 9. Vaccine shots will be given at the union and municipal level on Aug 8 and 9. Doses will also be administered in remote areas on Aug 8 and 9, while members of the forcibly displaced Rohingya community over the age of 55 will be inoculated from Aug 10 to 12. Apart from providing access to the vaccine to people in rural areas, the government has also lowered the age limit for vaccination to 25. Moreover, preparations are underway to bring in as many as 10 million additional jabs from different countries in the shortest possible time. |
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AL government to introduce smart cards for farmers, allocates subsidies in agri-sector 
At the directives of HPM Sheikh Hasina, an announcement has been made by the government to give smart cards to as many as 16 million farmers across the country to provide them all benefits. According to media reports, this card, once being distributed, will allow farmers to avail an array of government incentives. Moreover, the government has been continuously offering financial assistance as subsidy and incentive in the agriculture sector in order to benefit the farmers of the country. To assist the entrepreneurs, attracted to this business over the years for consistent government schemes, a new app named ‘Shodai’ has been launched for consumers, farmers, entrepreneurs and agro-traders (agricultural traders) at a local and national level. By getting registered with the app, for free, the farmers and entrepreneurs will get the opportunity to sell without commission while mobile banking payments and cash on delivery payments are also made available. |
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Full swing progress in construction of large infrastructure projects 
The ongoing large infrastructure projects, undertaken under the supervision of HPM Sheikh Hasina, are going to change the country’s fate in the coming days as they are likely to have a huge positive impact on the economic landscape. In its three terms in a row since early 2009, the Awami League-led government launched a number of large infrastructure schemes ranging from bridge, railway and power ones to mass rapid transit projects for the capital aligned with its long term development goals. The government has so far adopted three five-year plans of which sixth and seventh plans have been implemented and implementation of the 8th plan is underway. The Vision 2021 had been sought to raise the country’s status to a middle-income one by 2021 while the newly formulated Vision 2041 has been put in place to turn the country into a developed one by 2041, 70 years of the country’s independence. |
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HPM introduces homes and loans for slum residents returning to villages 
As envisaged and implemented by HPM Sheikh Hasina, as many as 533 slum dwellers and their families have been provided with the newly-built modern flats, equipped with all modern amenities. Moreover, in a separate announcement the Bangladesh premier has pledged fresh loans and housing facilities for the slum residents of Dhaka who choose to return to their village homes in the face of the Covid-19 induced shutdown. According to media reports, the government, under the scheme, will provide housing to those leaving the unhealthy environment in the slums and returning to villages, if they do not own land there. Moreover, free food will be provided for six months to assist beneficiaries of the project to find employment opportunities and earn their living. |
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India-Bangladesh launch new rail link to push cross-border trade 
In a significant step to boost railway connectivity between India and Bangladesh, the first goods train carrying stone chips reached Bangladesh on Sunday through the revived Haldibari-Chilahati rail link. Owing to this step, the commercial services on the railway link between India and Bangladesh, which remained inoperative since 1965, have started. Moreover, a total of 30 ambulances gifted by Indian Prime Minister Narendra Modi reached Bangladesh. This coincides with an earlier offer from the Indian premier to donate a total of 109 ambulances to Bangladesh to boost its capabilities to fight the raging pathogen. |
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BANGLADESH AWAMI LEAGUE |
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