Sitharaman says Bangladesh unrest poses uncertainty for garment sector
This story was originally published at 15:29 IST on 10 August 2024
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--Sitharaman on Bangladesh crisis: See uncertainty in garment sector
NEW DELHI – There is currently some uncertainty in the garment sector on account of the political unrest in Bangladesh, Finance Minister Nirmala Sitharaman said today. There has been political instability in Bangladesh after former prime minister Sheikh Hasina resigned and fled Dhaka on Monday due to nationwide anti-government protests.
"I have had discussions and calls coming on the matter of textile, garment investments, which are in Bangladesh," Sitharaman said. "Particularly, the garment and knitted fabric sector is seeing a bit of uncertainty. I hope that the investments are all safe."
Bangladesh is the second-largest garment exporter in the world after China. But the garment factories in the country have been closed indefinitely in the aftermath of the recent political developments in Dhaka.
"I hope the interim government will settle things sooner or rather than later," Sitharaman said. Nobel laureate Muhammad Yunus was sworn in as the head of the interim government in Bangladesh on Thursday.
"Other than that, at this stage it is too early to say what kind of impact this situation in Bangladesh will have on our economy," Sitharaman said. The bilateral trade between India and Bangladesh is marginal.
In 2023-24 (Apr-Mar), India and Bangladesh had a total merchandise trade of $12.91 bln, accounting for nearly 1.2% of India's total trade during the year. End
US$1 = 83.96 rupees
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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