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Indian Bangladesh Relations: After the overthrow of Sheikh Hasina in August, Bangladesh started opposing India fiercely and started getting closer to Pakistan and China. However, it is ignoring the fact that it is dependent on India for various needs and creating distance could be disastrous for its economy.
India is Bangladesh’s second largest trading partner in Asia and is dependent on it for various essential commodities like rice, wheat, onion, garlic, sugar, cotton, grains, refined petroleum, electronics, plastics and steel. The total bilateral trade between India and Bangladesh in 2022-23 was $16 billion, of which Bangladesh’s exports were about $2 billion.
India’s move will cripple the textile industry
Talking about Bangladesh’s textile industry, it is the backbone of the country’s economy and contributes 11 percent to its gross domestic product (GDP). Ironically, the country’s textile industry is also heavily dependent on India, which exports 35 percent of its total cotton production to Bangladesh. If these imports are stopped, Bangladesh’s textile industry will be crippled, which will have an adverse impact on Bangladesh’s GDP, inflation will become uncontrolled and unemployment will increase rapidly, causing the country’s economy to collapse.
Bangladesh incurred so much loss after the overthrow of Sheikh Hasina
India.com, quoting different media reports, said that since Sheikh Hasina’s removal from power, Bangladesh has suffered a loss of Rs 2 lakh crore, due to which the country’s GDP growth rate has declined from 6.3 percent to less than 5 percent. Has occurred. Apart from this, there has also been a rapid decline in per capita income and rising inflation has made the situation worse.
Bangladesh is also dependent on India from security point of view. The two countries share a 4,367 km long border and apart from trade, India has given $8 billion in aid to Bangladesh in the last 8 years.
These companies are on the verge of closure
Bangladesh’s textile industry is the second largest industry in the world after China and many top brands make their clothes. The industry is reportedly facing huge losses and many companies are on the verge of closing their operations due to deteriorating law and order situation and increasing violence against minorities, especially Hindus, in the country.
