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India has praised Bangladesh’s huge achievement among the major development commitments predicted by the International Monetary Fund (IMF). According to the IMF’s World Economic Outlook report, Bangladesh’s GDP per capita will exceed India’s GDP per capita for the first time this year. In India various aspects of this report have been discussed. Many of the country’s leading analysts have tried to interpret the IMF forecasts from all angles.
The IMF report predicts the general collapse of almost all major economies as a result of the current global economic recession caused by the Cavid-19 epidemic. According to the IMF, India’s GDP per capita will decrease by 10 percent from 2,100 to হাজার 1,008 and Bangladesh’s GDP per capita will increase by 4 percent to হাজার 1,008. This is a huge step forward for Bangladesh, which has made the country the third richest country in South Asia after Sri Lanka and the Maldives, and has been very well received by most Indian analysts.
However, the report has sparked much discussion and debate among Indian analysts; While the downturn in the economy is certainly a concern for India, Indians have not hesitated to praise Bangladesh’s economic and social achievements for decades. Recognizing that Bangladesh is setting new standards in a number of areas, including the economy, social indicators or sports, the Prime Minister of India earlier this year praised Bangladesh for its unprecedented progress in skills development, education , health, women’s empowerment and microfinance. Last July, the Foreign Minister of India delivered 10 broad gauge locomotives to Bangladesh. Subramaniam Jayashankar praised Bangladesh’s growth in all socio-economic indicators.
The good news is that any emerging economy will do well. Many Indian analysts have pointed out that this improvement in Bangladesh is very good news, especially for India. According to Kaushik Basu, who served as the World Bank’s chief economist until 2016, Indians see this as Bangladesh’s progress due to the specific priorities set by Prime Minister Sheikh Hasina.
The prominent journalist Swati Narayan in one of her columns praised the development priorities of Bangladesh in the last decade. From infant mortality to immunization, the inclusion of women in the economy to basic health and nutrition, Bangladesh has developed a trend in various social development indices. The most important factor in the case of Bangladesh is sustainable investment in public service and its ability to eliminate inequalities by reducing social and gender gaps.
But many analysts say that this year has been difficult for India. However, the Indian economy should not be measured against GDP forecasts. Aggregate SBI indices have improved significantly in many areas of India. Additionally, rural consumers outnumber urban consumers and motorcycle and tractor sales have increased significantly. Earlier this year, the IMF praised India for introducing the Goods and Services Tax (GST), inflation targeting and implementing major reforms, including the “Bankruptcy and Insolvency Code.” Despite all the obstacles, the Indian government has taken various steps to revive its economy. Compared to many other developing countries, India has a lot of power to mitigate the adverse effects of the recession caused by Kavid.
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