Finance Minister Nirmala Sitharaman Bangladesh on Saturday said there has been some uncertainty in India’s textile and apparel sector amid political turmoil and unrest in Bangladesh, but it is too early to say what its full impact will be on the economy. He expressed hope that the interim government there will soon resolve the problems. He said Indian businessmen have invested in Bangladesh with better confidence and this has resulted in increased exports and creation of more jobs in Bangladesh.
Bangladesh economy got a boost
He said India’s policy is to allow liberal imports to low-income countries and this has also helped boost growth in Bangladesh’s economy. “I hope the new regime in Bangladesh will resolve the problem as soon as possible so that the people of Bangladesh and India can return to their normal situation,” the finance minister said. He also said the foreign minister has made a statement in Parliament that India has increased its security along the Bangladesh border.
Exports from Bangladesh also increased
Regarding Indian investment, he said that especially the textile industry of Tamil Nadu has invested there in good faith and they have done well there. The Finance Minister said, “Due to the liberal attitude we have adopted in terms of duty and quota for low-income countries, exports from Bangladesh have also increased. They (Indian garment industry based in Bangladesh) can also export to India.” He said that due to the crisis in the neighboring country, some uncertainty is being seen especially in the garment and knitwear sector.
Sitharaman said, “I hope all investments are safe. Prime Minister Narendra Modi congratulated Nobel laureate Professor Muhammad Yunus, the newly appointed head of the interim government of Bangladesh. PM Modi expressed hope for a speedy return to normalcy and called for the safety of Hindus in Bangladesh.
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