Bangladesh’s arrogance could prove beneficial for India, bring billions in investments, and generate lakhs of jobs due to…

Bangladesh, which adopted a confrontational stance against India following the ouster of the Sheikh Hasina regime, that led to the rapid decline in the once-friendly India-Bangladesh relations, is now heading towards economic ruin.

India-Bangladesh relations: Bangladesh, which chose to adopt a confrontational stance against India following the ouster of the Sheikh Hasina regime, that led to the rapid decline in the once-friendly India-Bangladesh relations, is now heading towards economic ruin as its textile industry, the backbone of country’s economy, is on the verge of collapse due to the unstable law and order situation in the South Asian nation.

According to reports, Bangladesh’s textile industry is facing heavy losses and many companies are on the brink shutting their operations due to the deteriorating law and order situation, and the increasing violence against minorities, especially the Hindus, in the country. Notably, Bangladesh’s textile industry is the second largest in the world after China, with many top global brands manufacturing their apparel in the country.

As per reports, the textile industry contributes around 11 percent to Bangladesh’s GDP, but the current unrest in the country is severely affecting production and several global players, who are facing losses due to this, are now mulling to shift operations to India and focusing on Indian manufacturers.

A report by the Economic Times said that many global brands are showing interest in the thriving textile industry in Gujarat’s Surat, which has emerged as an alternative for clothes manufacturing should Bangladesh continue heading down the same path which it is currently on.

So, technically there is a silver lining in the Bangladesh crisis for India, and while it poses a major security concern for New Delhi, but the waning of its textile industry, could mean massive economic benefits for India, such as billions of dollars in foreign investments and lakhs of jobs.

Quoting industry insiders, the ET report said that top brands are are inquiring about the production and supply of readymade garments in Surat, and the city’s textile industry grow by 20-25 percent annually, compared to the current rate of 12 percent, if it indeed gets these manufacturing orders.

The textile industry is considered the backbone of Bangladesh’s economy and its decline would deal a serious blow to the country’s economic stability as large number of its citizens would lose their jobs.