Renowned industrialist Anand Mahindra has said in a tweet that in 10 years in Bangladesh, 80 lakh people got rid of poverty, so that we should not be left behind by the neighbors. He called it inspirational and wrote – As it is now our budget time, we need to formulate policies that can decide that we do not fall behind the performance of this great performing neighbor….
The World Economic Forum (WEF) video showed Bangladesh to be one of the fastest growing economies in the world. It states that Bangladesh’s economy is growing faster than India. Since 2010, eight million people have risen above the poverty line and per capita income has tripled in just ten years.
The video has asked how is its economy growing so fast? Giving this answer, it has been said that there are four reasons for this. First, Bangladesh has the second largest textile industry in the world after China. And its exports are still growing at a rate of 16 per cent per year. Secondly, it has huge number of youth population. Bangladesh is not only the eighth most populous country in the world, but half of the country’s total population is under 25 years of age. Also, young employees learn new technology quickly.
Anand Mahindra tweets
Third is its digital power. Bangladesh has six lakh IT freelancers, the highest in the world. Technology is helping Bangladesh grow new economy. More and more people are adopting online bank accounts in the country. Fourth, the trend of people has increased like a knowledge-based society. Bangladesh is diversified beyond farming and manufacturing is building its technical hub in Dhaka, the country’s capital.
Liberal tax breaks are encouraging entrepreneurs, and 100 Special Economic Zones (SEZs) are being developed to attract investment. Economic growth is predicted to grow by eight per cent this year. It is reported that much can be learned from the economic success of Bangladesh, despite being one third of the population at risk of displacement due to rising sea levels.