Bangladesh’s Export Growth Education for India: Ministry of India
Sunbd Desk || Published: 2021-01-30 10:44:36 || Updated: 2021-01-30 10:44:36
Bangladesh’s economic development is now a role model for many countries. Pakistan, from which Bangladesh gained independence in 1971, is overwhelmed by the development of this country. Pakistani Prime Minister, Ministers, Economists are constantly praising the development of Bangladesh. This time the Indian Ministry of Finance also made the list.
The Indian Finance Ministry has mentioned in its annual document that India can learn from Bangladesh’s steady increase in exports. It mentions various statistical comparisons of Bangladesh-India export sector. This information was given in a report of the Indian media The Economic Times on Friday.
According to the Economic Survey, an annual document of the Indian Ministry of Finance, Bangladesh is likely to emerge as an influential exporter soon as exports continue to grow.
It said that between 2011 and 2019, Bangladesh’s Consolidated Annual Growth (CAGR) was 8.6 percent, up from 0.9 percent in India and 0.4 percent worldwide.
While Bangladesh’s contribution to global exports was only 0.1 percent in 2011, it has increased to 0.3 percent in 2019.
Since 2015, the country’s top five products (textiles, clothing, shoes, etc.) have contributed more than 90 percent to Bangladesh’s total exports. From here, India’s export sector is more diverse. The contribution of the top five products to the country’s total exports is close to 40 percent.
Besides increasing exports, Bangladesh is also gradually reducing its trade deficit with India. In 2018-19, the trade deficit between the two countries was about 1.25 billion US dollars. But in 2019-20 it has come down to 946 crore dollars.
Referring to this information, the Indian Ministry of Finance said that India can learn by looking at Bangladesh to create specialization in competitive products.
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