August 10th 2024.
During a media interaction on Saturday, Finance Minister Nirmala Sitharaman shared that the Indian garment and knitted fabric industry is facing some uncertainty due to the ongoing crisis in Bangladesh. She expressed her hope that the interim government in Bangladesh will resolve the situation as soon as possible.
Speaking at the customary post Budget address to the central board of Reserve Bank of India, Sitharaman also mentioned that efforts are being made to ensure the safety of Indian borders with the neighbouring country. She further added that the textile industry, particularly from Tamil Nadu, has made investments in Bangladesh in good faith and has been successful in their ventures.
Sitharaman also acknowledged that the duty and quota liberal approach of India towards low-income countries has led to an increase in exports from Bangladesh, including to India. However, she pointed out that the garment and knitted fabric sector is currently facing uncertainty due to the ongoing crisis in Bangladesh.
The Finance Minister expressed her hope that the investments made by Indian companies in Bangladesh will remain safe. She also stated that it is too early to predict the impact of the situation in Bangladesh on the Indian economy. She urged the interim government in Bangladesh to resolve the crisis at the earliest, so that both the people of Bangladesh and India can resume their normal lives.
Earlier this week, Bangladesh was thrown into a political crisis when Prime Minister Sheikh Hasina resigned and fled the country. This led to the dissolution of Parliament and the formation of an interim government. The 84-year-old Nobel laureate Muhammad Yunus was sworn in as the head of the interim government, after responding to the call of student protesters to temporarily lead the country.
On Friday, Yunus announced the portfolios of his 16-member council of advisors and appointed a former top diplomat to head the foreign ministry. The first task of the Nobel laureate is to bring stability to Bangladesh, following weeks of violent protests against the government over a controversial quota system in jobs.
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