Growth in the country's industrial sector has slowed down by 4.86 per cent in 2022-23 fiscal year than the 2023-24 FY. This situation has been created by the gas-electricity and dollar crisis, increased interest rates on bank loans, political unrest, worker discontent, vandalism and arson of industrial factories, increased production costs and depreciation of the taka.
On the one hand, production is not increasing; on the other hand, entrepreneurs are not making new investments. This is what experts in the sector believe.
However, industrialists say that during this crisis, there must be an announcement from the government and political parties to save the industrial sector. Otherwise, it will not be possible for entrepreneurs to sustain this sector.
Everyone's participation is necessary to protect the industrial sector. Apart from this, they believe that policies should be determined after discussing with stakeholders.
Bangladesh Bureau of Statistics (BBS) says that according to the final estimate, the growth of the industrial sector in the 2023-24 fiscal year has been estimated at 3.51 per cent, which was provisionally 6.66 per cent.
However, the GDP growth rate in the industrial sector in the final estimate of the 2022-23 fiscal year was 8.37 per cent. In comparison, the growth rate in the industrial sector in the 2023-24 fiscal year decreased by 4.86 per cent.
The situation is similar to the industry in the country's agriculture and service sectors. Growth in these two sectors has also decreased. According to the BBS report, the final estimate of the agricultural sector in the 2023-24 fiscal year has been 3.30 per cent, which was provisionally 3.21 per cent.
However, the final estimate of the agricultural sector in the 2022-23 fiscal year was 3.37 per cent. In comparison, the growth rate in the agricultural sector in the 2023-24 fiscal year decreased by 0.07 per cent.
And the growth of the services sector in the final estimate of the 2023-24 fiscal year was 5.09 per cent, which was 5.80 per cent in the provisional estimate. However, the GDP growth rate of the services sector in the final estimate of the 2022-23 fiscal year was 5.37 per cent. In comparison, the growth rate of the services sector in the 2023-24 fiscal year decreased by 0.28 per cent.
According to BBS, the growth rate in the industrial sector has decreased significantly due to the decline in the production of the ready-made garment industry, especially in the revised estimate of export earnings.
When asked, Bangladesh Chamber of Commerce and Industry (BCI) President and Evens Group Chairman Anwar-ul Alam Chowdhury (Parvez) said that safety is a very important issue for industrial factories. Last year, industrial factories were vandalized and set on fire due to workers' dissatisfaction arising out of various reasons. First of all, safety is needed in industrial factories.
The BCI President said that not only businessmen, but also the government and political parties must have a commitment to save this industry. Otherwise, the industry will not survive. The current crises are not bringing in new investments. Production is not increasing. This is making it difficult to save the industry.
Eminent economist Professor Anu Mohammad said that industries and factories are already facing various crises. Meanwhile, Bangladesh Bank has suddenly increased the interest rate on bank loans. The NBR is making new laws to collect taxes. This is creating new crises.
He said that new investments are not coming in because the condition of the industry is not good. The condition of those who are there is also bad. Therefore, to save the industry now, it is necessary to discuss with stakeholders and decide on policies.
