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ET ANALYSIS: India's key contribution in Bangladesh's graduation from LDC status
https://economictimes.indiatimes.co...tion-from-ldc-status/articleshow/64675599.cms
In this file picture from May 2018, Prime Minister Narendra Modi with Bangladesh Prime Minister Sheikh Hasina at Visva-Bharati University's convoca ..
NEW DELHI: Bangladesh this week formally shed the tag of Least Developed Country (LDC) after it clocked consistent growth rate of over 6 per cent for over a decade. It is a matter of celebration for India as it not only opens an economic opportunity for Delhi but over the past decade India has played a key role in Bangladesh's graduation from LDC category to Developing Country status through investments, Line of Credit at concessional rates, grants, market access for Bangladeshi products and easier visa regime.
Bangladesh is the biggest recipient of India's Line of Credit amounting to almost eight billion USD besides a healthy amount of grant which have contributed to country's infrastructure, power and railway sectors. Bilateral trade is growing and Bangladesh desires to take advantage of India's growth story and market including markets in Northeast India and West Bengal. Indian private sector has also committed to invest over 13 bn usd in Bangladesh particularly in the power sector.
Today Bangladesh is one of the fastest growing economies in the world with a record 7.28% GDP growth, second largest garments exporter, third largest outsourcing country, fourth largest rice producer, fifth largest fresh water fish producer, fifth largest supplier of legal migrants in the world, eighth largest remittance earning country, and tenth largest food grain producing country. The Hasina government’s “Digital Bangladesh” program has extended internet access and government services to the far reaches of the country
Economically and commercially, the two countries are becoming increasingly interlinked and interdependent. India is fast emerging as a global power and Bangladesh aims to take full advantage of the high growth of the Indian economy to hasten pace of its own economic development. Simultaneously, a strong and stable Bangladesh provides the best security guarantee for India. Among all its neighbours, India has the longest land boundary with Bangladesh, with over 4,000 km border along three sides of the country besides maritime boundary.
As much as 600 MW of power is flowing through the two existing inter-connections between India and Bangladesh. Additional power connections could enable Bangladesh to draw another 1,000 MW of power. Bangladesh will also receive 340 MW from various India. Besides, ONGC has been awarded gas exploration in two blocks of the Bay of Bengal and fresh MoUs have been concluded for the supply of renewable energy and nuclear cooperation.
Bangladesh has expressed its desire to take part in hydro-power projects in the North-Eastern States as well as in Bhutan and Nepal which will also include cooperation under BBIN format. Cooperation in other sectors of power/energy is also shaping, especially in the fields of supply of high-speed diesel, natural gas, LNG, LPG and trans-boundary pipelines. Petrobangla and Petronet have signed a MoU for the setting up of a joint venture re-gasification LNG Terminal.
In the sphere of connectivity, Bangladesh figures prominently in Indias Act East policy including BIMSTEC. Delhi and Dhaka are also working to restore road, rail and coastal shipping links that existed before 1947. This would throw up huge potential for cross-border trade contributing towards Dhakas goal towards achieving middle income country status.
Bangladesh would now require substantial foreign investment to broaden its export base and pace of economic growth of the neighbouring country should encourage Indian investors to explore opportunities amid protectionist measures elsewhere.
https://economictimes.indiatimes.co...tion-from-ldc-status/articleshow/64675599.cms
In this file picture from May 2018, Prime Minister Narendra Modi with Bangladesh Prime Minister Sheikh Hasina at Visva-Bharati University's convoca ..
NEW DELHI: Bangladesh this week formally shed the tag of Least Developed Country (LDC) after it clocked consistent growth rate of over 6 per cent for over a decade. It is a matter of celebration for India as it not only opens an economic opportunity for Delhi but over the past decade India has played a key role in Bangladesh's graduation from LDC category to Developing Country status through investments, Line of Credit at concessional rates, grants, market access for Bangladeshi products and easier visa regime.
Bangladesh is the biggest recipient of India's Line of Credit amounting to almost eight billion USD besides a healthy amount of grant which have contributed to country's infrastructure, power and railway sectors. Bilateral trade is growing and Bangladesh desires to take advantage of India's growth story and market including markets in Northeast India and West Bengal. Indian private sector has also committed to invest over 13 bn usd in Bangladesh particularly in the power sector.
Today Bangladesh is one of the fastest growing economies in the world with a record 7.28% GDP growth, second largest garments exporter, third largest outsourcing country, fourth largest rice producer, fifth largest fresh water fish producer, fifth largest supplier of legal migrants in the world, eighth largest remittance earning country, and tenth largest food grain producing country. The Hasina government’s “Digital Bangladesh” program has extended internet access and government services to the far reaches of the country
Economically and commercially, the two countries are becoming increasingly interlinked and interdependent. India is fast emerging as a global power and Bangladesh aims to take full advantage of the high growth of the Indian economy to hasten pace of its own economic development. Simultaneously, a strong and stable Bangladesh provides the best security guarantee for India. Among all its neighbours, India has the longest land boundary with Bangladesh, with over 4,000 km border along three sides of the country besides maritime boundary.
As much as 600 MW of power is flowing through the two existing inter-connections between India and Bangladesh. Additional power connections could enable Bangladesh to draw another 1,000 MW of power. Bangladesh will also receive 340 MW from various India. Besides, ONGC has been awarded gas exploration in two blocks of the Bay of Bengal and fresh MoUs have been concluded for the supply of renewable energy and nuclear cooperation.
Bangladesh has expressed its desire to take part in hydro-power projects in the North-Eastern States as well as in Bhutan and Nepal which will also include cooperation under BBIN format. Cooperation in other sectors of power/energy is also shaping, especially in the fields of supply of high-speed diesel, natural gas, LNG, LPG and trans-boundary pipelines. Petrobangla and Petronet have signed a MoU for the setting up of a joint venture re-gasification LNG Terminal.
In the sphere of connectivity, Bangladesh figures prominently in Indias Act East policy including BIMSTEC. Delhi and Dhaka are also working to restore road, rail and coastal shipping links that existed before 1947. This would throw up huge potential for cross-border trade contributing towards Dhakas goal towards achieving middle income country status.
Bangladesh would now require substantial foreign investment to broaden its export base and pace of economic growth of the neighbouring country should encourage Indian investors to explore opportunities amid protectionist measures elsewhere.
