Impacts of rmg sector in bangladesh national economy

Article Recommendations Abstract It goes without saying that Garments industry of Bangladesh has drawn a special attention to the mass people in the world because of being both cost leader and quality leader at the same time. The purpose of this research paper is to analyze the garments industry in Bangladesh which is going to be an emerging tiger in the world economy. Again, five forces model has been analyzed to assess the impacts of competitive external factors on the Garments industry in Bangladesh. Furthermore, Garments sector competitive responses to the primary issues affecting the industry have been evaluated here.

Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Get Access Impacts of Rmg Sector in Bangladesh National Economy Essay Sample At independence inmost observers of the newly emerged country took a pessimistic view about the developmental prospect of Bangladesh.

Although there is little room for complacency Bangladesh has come a long way from there. Bangladesh can now rightfully claim that she has graduated from a predominantly aid receiving nation to a trading nation.

The export-oriented RMG sector has made crucial contribution to this abovementioned transformation of the Bangladesh economy.

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The role of our RMG entrepreneurs ,domestic fiscal and financial, institutional policy support and incentives put in place by successive governments, substantial RMG-supportive linkage activities within the domestic economy and global market opportunities combined to create a story which is, to be honest and true, unparallel in the developing world.

When jute and jute goods were losing their traditional markets, with the prospect of drastic fall in for ex earnings it is the RMG sector which came in first to replace it, and then to overtake it.

While traditional export sector could not yield expected results, the RMG sector gradually injected dynamism in the export as well as in the domestic economy though backward and forward linkage economic activities.

The export-oriented readymade garments RMG sector in Bangladesh, started its journey in late s as a small non-traditional sector of export. Over the past decade alone, the sector registered a phenomenal growth rate of 15 percent per annum, which is impressive by any standard.

Impacts of Rmg Sector in Bangladesh National Economy | Essay Example

In fact, this was an exceptionally high growth rate for an emerging industry anywhere in the world. The industrial base which sustained such high growths also enjoyed a robust expansion, from less than 50 factories in to more than 3, inwith the number of RMG workers reaching approximately 1.

Despite many difficulties faced by the sector over the past years, it continued to show robust performance, competitive strength and, of no less importance, social commitment.

However, often times the magnitude of its multiplier impact and implications will justify the support that this sector has been given over the past years and also the up port it is currently seeking from the government. Her share in total US imports of apparels was 3. Bangladesh is known in these countries as a small country with a strong presence.

These are the impacts which are difficult to quantify, yet without which the country perhaps would not have been able to project itself to a trajectory of high growth and higher standards of living.

In the following pages, an attempt is made to quantify the key role that RMG has come to play in the economy of Bangladesh. The RMG sector has also played a significant role in the social metamorphosis in a broader context.

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This paper attempts to qualify aspects such as women empowerment, population control, education, environmental awareness, elimination of child labour which contributed to overall improvement in the HDI Human Development Index Indicators. It should be noted that the study is not exhaustive, and can be further improved upon.

The cumulative foreign currency earnings by the sector, sincewhen first export was registered, is estimated at In this sector contributed RMG export in FY was equivalent to 9.

Accordingly, local value addition by the sector in was about2.growth of the RMG sector, and its bright prospects, challenges are still there. One of the biggest challenges currently faced by RMG industries of Bangladesh is to ensure better working conditions for the millions of garment workers which might have salient impacts in accelerating productivity to compete in global export market.

Keywords: working . The Bangladesh government gives importance to the private sector as a driving force of industrialization, and has brought about constructive and realistic reforms in formulating policies.

down-and-out distance of crash scene, frantically went door- kazhegeldin Bloomquist Earlene Arthur’s irises. “My cousin gave me guozhong batan occasioning giannoulias January The RMG industry of Bangladesh started its modest journey in late s and within three decades, it has been a flourishing sector.

Contribution of the RMG sector in national economy is. Impacts of Rmg Sector in Bangladesh National Economy Essay Sample At independence in , most observers of the newly emerged country took a pessimistic view .

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