The importance of the private sector in the economic development of Bangladesh
Agricultural development and agricultural production in Bangladesh are mainly conducted in the private sector. Apart from grain production, sub-sectors like fisheries, animal husbandry, poultry farming, shrimp farming, forestry etc. are run in the private sector. In addition, the collection and distribution of seeds, fertilizers and pesticides, agricultural machinery, etc., is mostly conducted by private enterprises. The private sector has been making a huge contribution to the economic development of Bangladesh. So the importance of this sector is immense.
Since pursuing the policy of industrial development and nationalization, most of the industries in Bangladesh are now being run by private enterprises. Several state-owned jute mills and textile mills and other factories were handed over to private entrepreneurs. In addition, as most of the large and medium industries, small and cottage industries are run by private entrepreneurs, the production has increased more than before. This has created more employment and increased per capita income. As a result, the economic development of Bangladesh is accelerating.
The development of the telecommunications sector and the private sector is playing a major role in the economic development of Bangladesh. Several private cellular mobile companies; Such as - Grameen Phone, Actel, Bangla Link, Citycell, Warid Telecom, Rangs Tel, Yuvak Phone, Worldtel etc. pay huge amount of VAT to the government every year. Moreover, the way has been paved for the employment of thousands of unemployed in these companies. As a result, the wheel of economic development of the country has become dynamic.
At present, air and helicopter transport has been approved in the private sector with a view to speed up the development of transport and transportation system. At present, among the private airlines in Bangladesh, GM International, Arab Bengal, etc. are noteworthy! These companies are contributing to the economic development by paying huge amount of taxes to the government every year.
30 local private commercial banks and 9 foreign commercial banks are currently playing a significant role in the economy of Bangladesh through the development of banking and insurance services and the management of their activities. Besides, at present there are 43 privately owned general insurance companies and 18 life insurance companies engaged in insurance business. In the general insurance sector, the General Insurance Corporation and 43 private insurance companies together earned a combined premium of Tk 808.25 crore in 2005.
It has been contributing to the country's economy through the development of hospitals and clinical services and the provision of 1,160 private hospitals and 1,60 clinics with 26 private medical colleges and 8 dental colleges and 26,510 beds registered in the country. In addition to this, a high quality diagnostic center, heart foundation, cancer hospital are making significant contribution.
The standard of living and the standard of living of the people of Bangladesh is very low. Because of this country. Many lakes live below the poverty line. Economic development is hampered by the low standard of living of the people, ah. The public sector as well as the private sector play an important role in improving the living standards of the people.
Utilization of resources and Bangladesh has a lot of unused natural resources. The full use of natural resources is essential for the economic development of the country. National production increases through efficient use of resources. And as a result of increase in national production, national income and economic development of the country takes place. To this end, various non-governmental organizations have been formed. As a result, the use of the country's natural resources has increased. Therefore, the role of the private sector in the economic development of the country through the use of natural resources is undeniable.
It is necessary to increase investment for the economic development of Bangladesh. As investment increased, so did industry and trade. Overall economic development is not possible by government investment alone. The private sector also has a significant role to play in this regard. At present, the role of private investment is more in the economic development of Bangladesh.
The economic development of this country is possible through the development of cottage industries and the development of cottage industries. There are ample opportunities for the development of cottage industries in this country. Many cottage industries have been developed by private enterprises. Rural development is happening along with the development of cottage industry. Therefore, the role of the private sector in the economic development of the country for the development of cottage industries is undeniable.
The role of the private sector in the economic development of Bangladesh is immense. Therefore, in order to develop the private sector of the country, the amount of expenditure allocated in the budget is gradually increasing. In order to strengthen the private economic sector of the country, it is essential for the government to take comprehensive measures to provide credit facilities and other multifaceted opportunities.