Bangladesh, 45 percent richer than Pakistan, sparked a new debate

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Bangladesh

Bangladesh claims to have a higher per capita income than Pakistan and India has sparked a new debate in Pakistan, with the PML-N alleging that the country has become 25 percent poorer under the PTI regime.

The Cabinet Secretary of Bangladesh, Khandaker Anwar-ul-Islam, had recently announced that his country’s per capita income for the fiscal year 2012 was 2227, while that of India was and that of Pakistan was Rs. One hundred and forty-three dollars. It should be noted that the per capita income of Bangladesh in the financial year 2012

These Bangladeshi figures were also featured in the international, Indian and Pakistani media. The news was published by several regional and international media outlets, including Bloomberg, the Times of India, and Pakistan’s English-language daily Dawn. It has also been hotly debated in India, where many politicians look down on Bangladeshi refugees And many Indians on social media are skeptical of these figures. However, many Indian and Pakistani economists are also advising their countries to learn from Bangladesh.

According to Bloomberg columnist Mehr Sharma, Bangladesh’s exports increased by 8.6 percent annually between 2011 and 2012.The proportion of women in the labor market is higher than in India and Pakistan

Economists claim that in 1971, Bangladesh was 70 times poorer than Pakistan, while today Bangladesh is 45% richer than Pakistan. The Bangladeshi secretary’s claim sparked a debate in Pakistan’s social circles, but now Pakistan’s political circles are also debating it and political parties are blaming each other for the growing poverty in the country.

Noon League charge sheet

Addressing a pre-budget seminar in Islamabad on Thursday, PML-N leaders Muftah Ismail, Ahsan Iqbal, Khurram Dastagir, and others claimed that the country had become 25 percent poorer under the PTI government. The national debt has increased by 54%, the volume of the economy was three hundred and thirteen billion dollars in 2018, now it is 29 296 billion In three years, about 20 million people have fallen into poverty while eighty-five million people are unemployed

Noon League leader Khurram Dastgir claimed that in 2018, the total price of one kg of sugar, one liter of cooking oil, one kg of peanuts, and one kg of flour was Rs 347, which is now Rs 680. That’s an increase of about 96 percent On the other hand, Finance Minister Shaukat Tareen of the PTI government accused the PML-N of causing a loss of billions to the country due to its economic policy.

One League’s destructive economic policy

PTI admits that poverty has increased during its tenure but blames it on the Noon League’s policy. Under this policy, loans were taken without thinking, and projects were started which did not bring any economic benefit. Salman Shah said that the projects started during the Noon League era are running at a loss and the government has to pay huge subsidies.

He told DW, “The PML-N has set up expensive power projects and imported coal, gas, and oil for them, which we are also importing. Billions of rupees are being subsidized on the Orange Train.” He took a lot of loans but did not think about how to repay them. Now that the government is repaying them, it is necessary that these loans are affecting the common man as well This repayment of loans is a huge chunk of GDP, which is affecting the country’s economy as well as the average Pakistani.

Other factors

He further said that the rupee was devalued and this also caused a lot of damage to the economy. Dr. Salman Shah further told DW, “It is imperative that when you devalue the rupee, the economy suffers a huge blow. Bangladesh did not allow debt to rise nor did it devalue its currency.

In addition, the economy was badly affected by Corona for two years. The move to the IMF has pushed up inflation, but the question arises that if we do not carry out economic reforms, the country would go bankrupt and poverty would be much higher than the current rate.

Poverty statistics are not an invention

Leading economist and former Punjab Finance Minister Dr. Ayesha Ghous Pasha say that poverty has increased a lot in the current era and it is not just anyone’s imagination but there is data for it. “Statistics from many of the world’s leading institutions show that the economy has slowed down,” he told DW.

From 218 to FY21, sales of tractors have declined by 30.3%, cars by 35%, and motorcycles by 10%. Due to which poverty has increased.

Artificial policies of Noon League and PTI

Development experts say that the growing poverty is not only the fault of the Noon League government but also the artificial policies of the PTI government. Amir Hussain, a development expert from Islamabad, said that the PML-N had also formulated artificial policies and PTI was also pursuing artificial economic policies.

He told DW, “We are being told that our foreign exchange has increased but in fact, the people who were sending money from Hindi are now sending money regularly through banks so we see this but the reality. I don’t think it’s too much. Similarly, there has been no significant increase in the growth rate of our core industries. We have also tried to put the corona money in the foreign exchange account, which has led some financial institutions to They are also demanding an investigation. “

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