As part of the ‘Vision 2021’ and ‘Vision 2041’ plans, Prime Minister Sheikh Hasina’s government has focused on diversifying the economy, fostering entrepreneurship, and attracting foreign investments.
Bangladesh is moving forward at an irresistible speed through rocky roads. The country is now a development surprise to the world as it has made tremendous achievements on all fronts.
The country once sarcastically labelled as a ‘bottomless basket with no hope of survival’ by a notorious US secretary of state in the early 70s has now been globally perceived as a “development miracle”. becomes as a role model of development.
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Bangladesh has witnessed continuous growth and expansion in industrial export, remittances, and agricultural production.
Bangladesh has also been praised in the world media for its outstanding successes with regards to various socio-economic indicators, such as the rate of literacy and life expectancy. The gradual improvement of these indicators demonstrates that the country is currently experiencing significant development.
Economic miracle
Bangladesh’s economic growth has been nothing short of impressive. Through the extraordinary social, economic management and strong political leadership of Prime Minister Sheikh Hasina, Bangladesh is now achieving 7% average GDP (gross domestic product) growth, crossing the international standard line of the Lower Middle-Income threshold in 2015.
The country’s economy has consistently achieved robust growth, driven by a booming textile industry, exports, and a growing manufacturing sector. As part of the ‘Vision 2021’ and ‘Vision 2041’ plans, Prime Minister Sheikh Hasina’s government has focused on diversifying the economy, fostering entrepreneurship, and attracting foreign investments.
The goals will reach the ultimate point by 2041 after going through different stages.
The per capita income of Bangladesh in 1987 was half that of Pakistan, and in 2007 it was two-thirds that of India. However, Bangladesh has surpassed both India and Pakistan in 2020 in this regard. Bangladesh tells the world a remarkable story of poverty reduction and development.
Mentioning various measures of the government to address macroeconomic challenges, the International Monetary Fund (IMF) has recently observed that Bangladesh economy is on the right track.
Achieving self-sufficiency in food, transition from the status of less developed country, providing electricity to every household – all these have become possible by confronting all domestic and foreign conspiracies under the strong and steadfast policy-leadership of the Prime Minister.
Agricultural Advancements
Country now produces 47.768 million tons of food grains, compare to 32.896 million tons in 2008-09 Fiscal year.
Just a decade ago, Bangladesh’s progress was considered accidental despite facing natural disasters, unfavorable conditions, and widespread corruption. However, today it’s hailed as a “Development Miracle.” Agriculture used to contribute over half of the GDP, but now it accounts for just 12%, while the industrial sector’s share has surged from 8% to 35%.
Despite a growing population, climate change, and the pandemic, the agriculture sector remains remarkably robust, achieving self-sufficiency in rice, fish, meat, and vegetable production. Bangladesh is now among the top 10 global producers of 12 key agricultural products.
Investors, traditionally drawn to the garment industry, are increasingly turning their attention to agriculture, leading to the rise of modern, technology-driven farms. The poultry industry has grown by 200% in the last decade, and meat production has multiplied nearly sixfold.
The country now produces 47.768 million tons of food grains, up from 32.896 million tons in 2008-09, and has continuously succeeded in growing other crops. Additionally, 699 improved varieties and 708 agricultural technologies have been developed, including 80 rice varieties.
Milk and egg production have significantly increased, and Bangladesh currently meets 103 out of the required 104 eggs per person annually. Cultivated fish occupy 56% of the domestic market, with 4.3 million tons of fish produced in the 2018-19 fiscal year.
Bangladesh’s achievements include self-sufficiency in rice and vegetable production, with 38.6 million tons of rice produced in the 2018-19 fiscal year, thanks to high-yielding Aush and Aman rice varieties. This transformation underscores the country’s remarkable journey from adversity to prosperity.
Containing extremism
In the realm of combating extremism, significant strides have been made as the nation addressed its history by bringing war criminals from the 1971 Liberation War to trial, thereby shedding the burden of stigma. The Awami League government’s efforts have also yielded considerable success in curbing militancy, particularly noteworthy as militant activities had seen an upsurge during the tenure of the Khaleda Zia-led four-party government from 2001 to 2006. Today, militant activities are under control, thanks to the government’s unwavering commitment to a ‘zero-tolerance’ policy on terrorism and militancy, complemented by persistent operations against extremists.
Socio-Cultural Development
Shifting the focus to socio-cultural development, Bangladesh, renowned for its rich history and cultural diversity, has been on a remarkable journey. Under the visionary leadership of Prime Minister Sheikh Hasina, there’s a strong emphasis on preserving the country’s cultural heritage while nurturing an atmosphere of inclusivity and social harmony. In this diverse land where various ethnic, linguistic, and religious communities coexist peacefully, the government recognizes the significance of cultural diversity. Steps have been taken to celebrate and safeguard the distinct identities that contribute to the rich Bangladeshi mosaic. This inclusive approach has fostered an environment where all communities are valued and respected.
A cornerstone of the country’s socio-cultural development strategy lies in the promotion of cultural education and awareness, with a specific focus on the younger generation. The government has diligently integrated cultural studies into the national curriculum, instilling in students a deeper understanding of their cultural heritage, thereby enhancing their connection to their roots.
Infrastructural Development
Following independence, Bangladesh grappled with a war-ravaged agrarian economy, deficient infrastructure, and an array of human development challenges. Nevertheless, the nation’s journey has been remarkably impressive, marked by a consistent trajectory of development. Recently, Bangladesh has inaugurated a significant number of large-scale infrastructure projects, which are already making substantial contributions to the country’s communication network, poised to invigorate the economy.
A prominent facet of Bangladesh’s infrastructural advancement is the extensive network of roads and highways. The government’s substantial investments in their construction and enhancement have substantially improved connectivity between major urban centers and rural regions. A notable milestone is the completion of the Padma Bridge, one of the most extensive infrastructure undertakings in the country’s history, reflecting Bangladesh’s commitment to fostering trade and development.
The nation’s ports and transportation infrastructure have received considerable attention, with Chattogram and Mongla ports undergoing modernization to facilitate efficient trade. Additionally, the construction of the Payra Seaport has expanded cargo-handling capacity. Airports and rail networks have been upgraded to offer efficient transportation solutions for both goods and passengers.
To support its burgeoning economy, Bangladesh has prioritized the enhancement of power generation and energy infrastructure. The implementation of numerous power plants, encompassing both traditional and renewable sources, has substantially increased energy production. This not only ensures a stable power supply but also attracts industries and foreign investments.
The development of infrastructure has been a fundamental pillar of Bangladesh’s progress, making the dream of “Sonar Bangla” envisioned by Bangabandhu a tangible reality. With the implementation of Vision 2041, Bangladesh aspires to become a peaceful, prosperous, happy, and developed nation, positioned alongside the developed world.
