One startling piece of news headlined ‘Bangladesh beats India in per capita income’ published recently in a reputed Indian newspaper has caught our attention. The comparison and the pleasant surprise come to the fore as Bangladesh Finance Minister recently disclosed that the country’s per capital income rose to $2,227 in the financial year 2020-21from $2,064 in 2019-20, which is over 9 per cent year-on-year jump.
On the other hand, quoting latest official data the report informs that India’s per capita income reached $1,947.417, thanks to the sharp contraction in the economic growth due to Covid-19 pandemic and the subseqent nationwide lockdown. That means the per capita income of an average Bangladeshi citizen is more than the per capita income of an average Indian citizen. This is indeed a matter of great pride for us as a nation as we celebrate the golden jublee of our independence.However, it was not entirely unpredictable. Going by the economic stride of Bangladesh, the International Monetary Fund in its World Economic Outlook report released in October last year had projected Bangladesh to surpass India in terms of per capita GDP in 2020.
The country’s remarkable economic success has mainly been made possible due to the government’s relentless efforts to facilitate economic growth and infrastructural development. In plain eyes it is evident that the country’s steady economic growth, vibrant industrial sector, booming apparel sector and manpower export has brought about a sea change in our social and economic factors. Thanks to the government’s favourable policies and people’s hard work, the economy is rising, GDP is growing steadily, and also rising is our per capita income.
However, we must not become complacent yet because there is a massive unevenness in the distribution of wealth, healthcare and education among the country’s people. Widening income inequality among different sections of society has made the poor poorer and the rich richer and it is giving rise to a nagging discrimination in society. Therefore, we as a nation should strive to establish an inclusive economic system where every citizen can avail themselves of economic opportunities riding on the back of the country’s growth momentum.