Business & Economy

BNP's 'India Out' Campaign Threatens Bangladesh's Economy, Awami League Warns

© AP Photo / Al-emrun GarjonDhaka, Bangladesh
Dhaka, Bangladesh - Sputnik India, 1920, 04.04.2024
Reacting to 'India Out' campaign in Bangladesh, Ministry of External Affairs (MEA) spokesman Randhir Jaiswal said on Friday that New Delhi-Dhaka ties were very strong and deep.
Bangladesh Nationalist Party's (BNP) 'India Out' campaign calling for the boycott of Indian imports directly threatens Dhaka's economic stability due to its potential fallout for trade, employment, industry and tourism in the South Asian nation, ruling Awami League has warned.
"Boycotting products of India or any other country on the basis of false and misleading rumours is not part of any political etiquette. And the worst victims will be the common people," Squadron Leader (retired) Sadrul Ahmed Khan, Member, Finance and Planning Affairs at Awami League, said in a social media post.
Khan higlighted that the BNP, which is backed by the US, has been publicicising a list of Indian products through online and offline channels as part of its campaign against Indian products.
The Awami League member noted that the Indian products boycotted by BNP constitute "very litte" in bilateral trade between the nations, but the wider goal of the campaign to hamper the economic ties would directly affect Bangladesh's economy.
Khan accused the BNP of fanning fears about India for narrow political gains, as he recalled a similar 'India Out' campaign last year by then Maldivian opposition leader Mohamed Muizzu.
"They didn't participate in the election but they are attacking the political and economic stability of Bangladesh in any way possible," he said.

Bangladesh-India Trade Ties

Khan noted that there was "no substitute" for around 97 products and items, including cotton and food, imported from India into Bangladesh.

"If products we import from India are brought from other countries, their cost will increase by 20 to 40 percent. In simple words, the import bill of $14 billion will rise to $20 billion with freight charges. Products can be imported from India in lesser time than other countries. Transportation costs are also reduced as they could be brought by road," Khan said, explaining the benefits of importing Indian products.

He said that India was "the first choice" for Bangladeshi importers trading in onions, chillies, rice and other perishable goods, as well as industrial raw materials.
Khan explained that import bills in Bangladesh's readymade garments (RMG) industry, the country's biggest revenue-generating sector, would rise by almost 50 percent to $4.5 billion if Indian raw materials stopped coming in.
"Besides, there is a big labour market for Bangladesh workers in the clearance, transportation and marketing of goods from India. People are getting daily wages and truck rentals," the Awami League official said.
Khan said that Indian imports of diesel and refine products through pipelines, road and rail transport were critical for Bangladesh's energy security.
"It is easy, cheap, and in the shortest possible time to import by rail wagons, truck lorries, or pipelines from India," he said.
Further, he noted that Indian saris a big fad among Bangladeshi women, a point noted by Prime Minister Sheikh Hasina during her National Day speech last week as she slammed the 'India Out' movement
"If trucks, buses, motor cars, three-wheelers, motorcycles, bicycles, etc. imported from India are stopped, our transportation system will come to a standstill and the huge labour market engaged in the spare parts' trade and repair sector related to the transportation industry will be threatened," Khan also warned about the perils of attacking economic ties with India.
He noted that around that India exported around $14 billion worth of products to Bangladesh in 2022-23.
"India's total annual exports are $468 billion, of which only $14 billion or 3.5 percent comes to Bangladesh. So, it is unreasonable to think that the boycott of Indian products will affect their economy," Khan noted.
Russian President Vladimir Putin, right, and Bangladesh Prime Minister Sheikh Hasina  - Sputnik India, 1920, 13.02.2024
Political Affairs
US Can't Resist Pitting Bangladesh Against Russia and India: Awami League
To participate in the discussion
log in or register
Заголовок открываемого материала