Department of Economics

Composition:
Topic : Industrialization in Bangladesh
Course title : Political Economic Analysis
Code : Eco (319)
Submitted by : Shahriar Obeyed
ID : 2021220106003
Batch : 43
Submitted to: Shejuti Haque

Lecturer of Economics Department

 Industrialization:
The process through which an agriculturally-based civilization or nation (or even the entire
world) transitions to one that is based on manufacturing. Assembly lines frequently take the role
of craftspeople and mechanical mass production frequently replaces individual manual work.
Industrialization is characterized by the use of technological innovation to solve issues rather
than superstition or dependence on factors beyond human control, such as the weather, as well as
by a more effective division of labor and economic expansion. The late eighteenth and early
nineteenth century european industrial revolution is most frequently linked to industrialization.
The start of the second world war also sparked a significant amount of industry that contributed
to the expansion and development of massive urban centers.

British period:

The process of industrialization and the growth of industrial capitalism in India was integrally
connected with the Consolidation of British colonial rule and the transformation of India from a
feudal into a colonial and semi-feudal country. Industrial capitalism emerged and developed in
India in conditions basically different from those in which it had developed in the West. It arose
in a dependent country, ruled by foreign power and so was unable to develop along independent
les Colonial rules transform the Indian economy into an appendage of the metropolitan economy.
Secondly, unlike in Britain, industrial capitalism grew in this country not by beginning of 20th
century Jamidars like Monindra Chandra Nandi of Kashanbazar, Brajendra Kishor Roy
Chowdhury of Mymensingh, Biprodas Paul Chowdhury of Nadia, Taran Gobinda Chowdhury of
Pabna and others invested in industrial enterprises.

Pakistan period:

After the partition of Bengal in 1947, East Pakistan inherited a small share of industries of
Bengal East Pakistan got none of 108 jute mills, 18 iron & steel mills and 16 paper mills of
Bengal. Only 90 of Bengali, 389 cotton mills, 10 of its 166 sugar mills and 3 of its 19 cement
factories fell in the territory of East Pakistan. The cement factory Chattak Sylhet had to depend
on limestone supplied from Ashram, Ind. The cotton mills of East Pakistan had to depend upon
imported raw materials. The 1951 census revealed that East Pakistan had 63,234 unskilled non-
agricultural luaus 115,480 skilled laborers engaged in manufacturing sectors, 184,535 mining
and quarry workers and 121.52 professional persons. The manufacturing sector comprising
mainly of food, drink and tobacco processing employed a total 602,875 persons (4.67% of the
total labor force), of whom 433,148 were involved decay in production process and 172,727 in
subsidiary activities. There were a total of 360,603 cottage enterprises.
Bangladesh was born in the background of utter industrial backwardness. At the time of her birth
she was so poor in the field of industry that almost all the industry products that the required had
to imported from abroad. Though she holds the monopoly of jute, leather, and other raw
materials she was obliged both to export jute to other countries and buy from them finished
goods made with her raw materials. This tragic position lasted for years together. To add to her
difficulties, her population was entirely agricultural, inclined towards agriculture. Her wealthy
people. very few in numbers, were inclined towards commerce and had no idea about industry.
Over and above that she lacked those natural facilities which help the growth of industry. She
has no coalfield, no iron mine, no oil deposit.

Agricultural production dominates Bangladesh's economy. Industries have been disregarded as a

result of agriculture being always given priority. A few agriculture-based businesses have
recently been established. For a variety of causes, the nation has lagged behind in heavy and
medium-level industries. Lack of capital: People don't save very much in Bangladesh because it's
such a poor country. Investments are also extremely low due to the bad state of saving. Once
more, the average income of the population is relatively low. As a result, they consume
extremely little. This area consequently has very few locally focused industries.

Weak investment base: As a result of Bangladesh's long period of colonial control, economic
discrimination, and post-liberation nationalization of industries, the country's entrepreneurship
has grown slowly. The lack of an investment climate and bureaucratic red tape are further
factors.

A large portion of Bangladesh's population is ignorant and unskilled, despite the country's size.
The country lacks experts, professionals, and technologists, which is also consistent with our
industrialization.

Ineffective government policies and political unrest: Industrialization is conditioned by sound

government policy and political stability. Unfortunately, political unrest and instability have
always been widespread and have never come from a natural source. Bangladesh has astounded
the world with her industrial success in less than 20 years, despite starting with numerous
obstacles and limited advantages.

An essential factor in the growth of the businesses in this nation was the Bangladeshi
government. As soon as it started, it stood up and asked the wealthy to invest in businesses that
the government would defend and support. The industrial corporations undertook to organizlarge
number of important industries where the investment is too heavy for private individuals. Some
foreign capital was invited and given attractive facilities.

Bangladesh can currently brag of having a huge number of significant industries thanks to this quick and
all-around work over a number of years. She has several cement factories, several sugar mills, several
leather industries, steel mills, mills for fertilizer, mills for textiles, mills for paper, mills for machine tools,
mills for electrical industries, mills for fertilizer, mills for steel, mills for textiles, mills for steel, mills for
leather, mills for electrical industries, and mills for a number of other things that are all quite large in
terms of size, production, and investment. Mention should be made of our garment industry, which
provide significant financial output and employ a sizable number of male and female jobless. There have
been created additional power stations installed in Gohrushal to address the issue of the power capacity of
the carnally hydropower project.

The goal is to make Bangladesh a resilient, successful, creative, and prosperous country with a
loving, happy, and healthy population. also educated folks. It is founded on the tenets of
independence, respect, tolerance, equity, and integrity. In accordance with constitutional
requirements and promises made to international human rights treaties, society in 2021 shall be
one in which:

 Everyone in society has the same opportunities to realize their full potential.

 All citizens experience equality of life in accordance with the level of national
development, where everyone has access to high-quality medical care and a healthy diet.

 Every citizen is guaranteed access to a cutting-edge, reliable, and timely education that is
designed to meet the country's needs for human resources in the modern, forward-
thinking, and technologically advanced world.

However, Bangladesh's small and medium-sized industries have grown dramatically recently,
especially in the textile and ready-made clothing sectors, which have significantly bolstered the nation's
economy. In reality, the apparel industry has grown to be the nation's top earner of foreign exchange
and has created millions of job possibilities. a brief narrative Bangladesh has also made significant
progress in the field of fertilizer. sectors related to agriculture, small and light engineering,
telecommunications, leather, and sugar.

So that foreign direct investment increases in Bangladesh, it is necessary to create and implement a
good investment-friendly environment. Along with improving infrastructure, we must establish new
export processing zones. We must guarantee political stability. To do this, more human resources should
be trained, more technical institutions should be established, and more training should be provided.
Developing the Will and Talent: The implementation of the Perspective Plan anticipates the
complete commitment of will, skill, and resources from all stakeholders to transform the country
into a middle-income country by 2021. The government is supposed to integrate long-term
thinking into all decision-making and service practices. Governmental efforts alone cannot
realize the Vision. To alter the country's future will be a communal endeavor involving the
commercial sector, civil society, and all other stakeholders. Since Vision 2021 is a journey rather
than a destination in and of itself, the collaborative process that was used to develop the Plan
must continue throughout implementation. The difficulty is to ensure that the Plan doesn't fall
short of the tremendous visions it incites.

The problem is to avoid letting the Plan fall short of expectations as a result of poor
implementation, as there is no doubt that it generates tremendous ambitions. Putting the Plan Into
Institutionalized Practice: Only the first step has been completed on the difficult path to "Making
the Vision 2021 A Reality," which is the creation of the Perspective Plan. The success of the plan
will be determined by how well it is implemented, with particular attention paid to how well the
goals and targets outlined in the plan are being met. The Seventh Five Year Plan (2016-2020)
and the Sixth Five Year Plan (2011-2015) are given a lot of leeway to work out the practical
specifics of how the country should proceed. This Plan just provides a broad framework.

The Perspective Plan's implementation design must be distinctive. Acknowledging the

importance and challenge of the task, a Perspective Plan Management Office (PPMO) the
Planning Commission may be established to lead, guide, and coordinate the execution of the
Plan. An Independent Vision 2021 Council maybe created to continuously refine the Vision 2021
and the Perspective Plan and track progress in an objective manner to meet the need for
independent, continuous tracking of progress and feedback to inform policy formulation.

Conclusion:
We have a wealth of human capital. Natural resources and agricultural-based raw materials are
also important to us. The only things that can speed industrialization and create millions of new
employment are good environmental regulations and government policies. We should therefore
focus on small and medium-sized export-oriented firms as well as lab our heavy industries given
our limited natural resource base, financial constraints, and high demand for labor. When
examining Bangladesh's economy, problems can be found everywhere and constitute a threat to
block comprehension. The developing country is in peril as a result of unresolved fundamental
problems. There are too many people and not enough resources for nutrition, health, and
education, as well as a low standard of living, a paucity of land, vulnerability to natural
calamities, and a near dearth of precious metals.