Guwahati, August 27, 2019:
While the Indian economy continues its slump, Bangladesh is quickly establishing itself as a major economic powerhouse in the South Asian region.
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In an alarming development for the Indian economy, the Bangladeshi taka is quickly approaching the rupee in value. As things currently stand, 1 Indian Rupee equals 1.18 Unites of the Bangladeshi currency, Taka.
The development of export-oriented industries, like the garment sector, has been contributing to the stable GDP growth and created millions of low-paid jobs. Moreover, other contributing factors, like the induction of women into the work force, also continues to play a major role in the economic upsurge of Bangladesh. Recently, the World Economic Forum projected Bangladesh as the new “Asian Tiger”.
Last year, the Bangladesh GDP grew by 8%, whereas the Indian economy saw a growth of 5.7% only, down from 5.8% in the previous three years.
Thus, while the spirits in India seem to be high, with the Modi Government being re-elected amid reiterations of the promise of “achche din” (good days), the ground reality seems to be different. With unemployment on the rise and the GDP and economic productivity on the downward slope, it seems like the promised ‘achche din’ continues to be a distant dream for the people of the country (especially the poor).
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