Of late I have been a frequent visitor to Bangladesh in connection with a multi-country project to identify and shadow micro-entrepreneurs. Each time I am amazed at the spectacular progress this country has made in the field of exports, education, Infant mortality rate and birth control. They have left Pakistan far behind and therefore it is prudent for Pakistan to catch up with Bangladesh rather than with India. Just to elaborate Bangladesh's total Readymade Garment (RMG) export for 2018 was to the tune of US$ 16 billion as opposed to India’s US$8.86 billion. Of this, US2 billion was to India. Many Indian businessmen dealing in the manufacture of garments have set up shops in Bangladesh. Thus, they have generated more employment than Indian companies. Their training on sewing machines is much more robust than in India. And above all, they have absolute numbers of trainees trained and placed in the Industry. While in India National Skill Development Corporation (specialising in signing MoUs and Photo ops) only provides data on trainees trained as no placement data is available or authenticated.
Coming back to Pakistan their economic growth can only be compared to Somalia. I US $ is equal to 140 Pakistani Rupees whereas I US $ is equal to 84 Taka. Thus, Bangladesh's currency is stronger than the US.
As far as foreign currency reserves are concerned Pakistan has US$ 7 billion, Bangladesh has US$ 32 billion while India has US$ 417 billion.
What are the implications of the above?
India’s strategic cooperation with Bangladesh has to increase manifold. Pakistan is crumbling against its own weight. Stopping waterways will break their back irrevocably. War has to be on the economic front and not on the ground. Of course, the saner option for Pakistan is to take a deep breath, look inwards and try to improve its economic standing. That is a win-win for all.
