Bangladesh which is officially known as the People’s Republic of Bangladesh is a country situated in the South Asia. It is the 8thmost populated country in the world. The country had partitioned from India as part of Pakistan during 1947 and later got its independence from Pakistan in the year 1971.
Recently the country has announced that it has achieved a per capita income higher than that of India. In this article let’s look at how the country surpassed India in regards to the per capita income.
Per Capita Income of Bangladesh – Latest News
Reasons Why Bangladesh saw growth of the per capita income
Foreign remittances of Bangladesh
Further steps taken by Bangladesh
FAQ
Per Capita Income of Bangladesh – Latest News
The Per Capita Income of Bangladesh have seen an increase of up to USD 2,227 which is considered to be higher than India by USD 280 where India’s per capita income is USD 1,947. The planning minister of Bangladesh M.A Mannan had conveyed the cabinet of the country this week that the per capita income of Bangladesh had seen an increase from USD 2,064 to USD 2,227.
The Cabinet Secretary of Bangladesh, Khandker Awarul Islam had said that the country has seen a growth in their per capita income during the fiscal year 2020-21 which is a 9% growth from the previous year.
Alan Joseph
Reasons Why Bangladesh saw growth of the per capita income
The major reason for the growth of the per capita income of Bangladesh is due to the Awami League which took charge in the year 2009 according to Information and Technology minister of Bangladesh, Tarana Halim.
She conveyed that the leader of the country Hasina had focused on the economic and human development with a strong benefit for the poorest. She also added that the country has a strong civilian government which has benefitted from having a good relation with India.
Halim had also criticized certain Western Analysts who said that the growth of the country was due to the micro-credit NGOs in the country. She added that the micro-credit NGOs don’t invest in the education, infrastructure and connectivity which were the real reasons for the growth of the country.
Michelle D’souza
Foreign remittances of Bangladesh
Halim has conveyed that the country had invested heavily in these areas which had driven the growth and now the country is reaping the benefits of their investment. She also said that the foreign remittances have been another reason for the growth of the country.
They have grown into a strong pillar for Bangladesh with an inflow of around USD 3,500 million expected in the year 2021. She conveyed that it has become possible as the government had laid strict restrictions on the labour exports.
She also conveyed that the country has tightened the regulations on illegal migrations as those who go through an illegal mode wouldn’t send back remittances to the country.
FAQ
What is the per capita income of India at present?
India's per capita net national income or NNI was around 126 thousand rupees in financial year 2021.
What is the per capita income of Bangladesh?
The per capita income of Bangladesh is $2,227.
What is Bangladesh's main source of income?
Bangladesh is driven by its exports of ready made garments, remittances and the domestic agricultural sector.
Conclusion
Bangladesh is more pleased as they are way ahead compared to Pakistan, it considered as a sweet revenge for the cruelty by the Pakistanis towards the country which is the genocide of 1971 where around 3 million people where killed by the brutal army of Pakistan.
Author: Alan Joseph
Source : https://startuptalky.com/bangladesh-income-growth-analysis/
Date : 2021-05-25T12:49:48.000Z