Country’s economic capacity not much behind
Being a large and overpopulated country, India could not successfully cope with the pandemic like Bangladesh, which cast a negative impact on its GDP growth
In consideration of the volume of GDP, India is much bigger than Bangladesh. Many big industries have developed in India. But in terms of economic capacity, Bangladesh is not much behind.
Bangladesh is being projected to become 28th economic power in the world by 2030, and 22nd by 2050.
Considering this situation, I would say that surpassing India in terms of per capita GDP is nothing unexpected. It was supposed to happen. This is the benefit of our continuous progress.
The government's role in dealing with the coronavirus pandemic is praiseworthy.
Being a large and overpopulated country, India could not successfully cope with the pandemic like Bangladesh, which cast a negative impact on its GDP growth.
Although Bangladesh is a small country in size, we are the second largest exporter of readymade garments in the world. We are ahead of India in social index and left Pakistan behind long ago. So, the international community has to recognise our achievement.
Singapore is a very small country, smaller in size than Bangladesh. But they are also economically stronger than many big countries in the world. With a smaller population than India, it won't take long for Bangladesh's economy to double.
If Bangladesh can successfully maintain the 8% GDP growth in the next 10 years overcoming all kinds of obstacles, it will no doubt surpass India. Because then our population growth rate would decrease more than that of India. Even if the total population becomes 20 crore, the benefit of having less growth will be enjoyed.
Moreover, our rate of GDP growth in per square kilometres of area is higher than India as India is a very large country. If we can increase the purchasing power of people, the economic progress will be much faster than that of India.
We have to increase the number of our middle class people to increase overall purchasing power. Because a large number of middle class people play a major role in the growth of the economy. Reducing inequality is necessary to increase the number of the middle class. Increasing the income of the poor should also be stressed. Tax evasion needs to stop to prevent capital accumulation in the hands of the rich.
Initiatives should be taken to increase CSR (corporate social responsibility) activities. In addition to expanding the government's social security programme, it is important to ensure that aid reaches the real beneficiaries.
Abul Kasem Khan is the chairman of Business Initiative Leading Development (BUILD)
