Posted at 12.13.2018
Bangladesh is a country with a total part of 147, 570 sq. kilometres. and one of the densely populated country which received freedom in 1971 against Pakistan. The united states as we know it today came into being in 1971 after East Pakistan's glorious and bloody nine weeks battle for independence. Three-fourth of the individuals reside in the rural areas, though urbanization been extending quickly within the last twenty years. Our's can be an agrarian based market and still now agriculture is the primary source of work. Environment of Bangladesh is moderate which is very successful for our agriculture. However in the past contribution of the agriculture sector to GDP has declined from 50 percent in 1972-73 to around 15 percent in 2004-2005. Our economic development cannot flourished because of political and a great many other constraints. In this particular 21st century our financial development is going on not rapidly but eventually. But unemployment, cheap rate of pay and high rate of inflation are the primary reasons for our slow financial expansion. Necessary steps should be studied against these problems. Our GDP progress is comparatively too slower than that of several developed countries which is also another type of problem. About one-third in our work force is unemployed; they cannot take part in monetary activities as well as GDP progress in Bangladesh. Industrial and export sector have achieved development growth in the last five years. Bangladesh is a country which exports labor force to abroad relatively more than that of some other countries. Low rate of salary is an obstacle behind financial development in Bangladesh. Most of the people of our country live below poverty lines. In search of livelihood they obligated by themselves to do any work. Due to lack of enough occupation they cannot get job on basis of their educational qualification. So they work in any sector with low pay. Because of high inflation rate the process of price hike in Bangladesh seems unending. Due to high inflation rate the worthiness of our personal savings is lowering which minimizing our investment capability. No region can prosper without successful activities and effective activities are not possible without enough investment.
Development processes, somewhat than seeing them as another goal or inescapable outcome of economic development. This is not only a question of communal justice, but also an important contributory factory to interpersonal and economical development: in lots of ways, labor requirements and social dialogue help to enable development
( Labor Specifications Forum, January-2010)
1)Increase in female labor source accompanied by technology of demand for feminine labor in new varieties of production led to a feminization of the work force in Bangladesh. It has affected both gender segregation and market segmentation. Women's principal responsibility for reproductive work, however, appears to constrain both quality of employment and profits to labor by restricting women's full contribution in market work. In addition, unchanging gender division of labor in the household and reproductive economies provides negative implications for the well-being of women and of family members dependent after women's care-giving labor. (Simeen Mahmud)
2) Lately of normal rice harvests, resource from home rice development in Bangladesh has essentially attained home demand so that imports have been very small. Future supply-demand amounts will be decided in part by the price-responsiveness of supply and demand, along with complex change, income expansion and other factors. This paper provides quotes of the price-responsiveness of rice production (in particular, area planted to rice), and then simulates resource and demand balance for rice under choice cases. (Paul A Dorosh: Quazi Shahabuddin & Muhammad Saifur Rahman2005)
3) Career in the garment industry has definitely empowered women, increased their ability to move and broadened their individual choice. But this they may have achieved at the price of their health and increased threat of harassment. Hence, the process is complex, and here is both decomposition of women's subordination through career in the garment industry. She shows that on the whole there has been improvement in worker's well-being over the time 1997. The improvement in the worker's well-being will be suffered in future if proper insurance policy supports are lengthened to the garment industry and is also employees. (Salma Chawdhury Zohir:1998)
4) An alternative multi-step formulation of the utility function is suggested, as an alternative for the Atkinson established approach, without restricting the premise of threshold income level which happened to be a concept strongly advocated by UNDP from 1991 to 1998 but suddenly dropped thereafter credited to trivial reasons. The
proposed substitute formulation is shown to be much better than the Atkinson centered formulation. The impact in our proposed multi-step utility function on the prior search rankings of HDRs is evaluated for different countries of the world. (Ravi Kant Bhatnagar :nd)
11) Development of urban GDP is proportionately related to urbanization progress in Bangladesh. Progress of metropolitan GDP is principally generated favorably by the development of urban society, urban career, and urban industrial outcome" (Haque and Akbar, 1992).
Agriculture provides 78 percent of occupation and struggles to provide additional career because of technical constraints. The present day metropolitan sector is too small to absorb additional labour. The occurrence of poverty is high in Bangladesh, which is higher in rural areas than in urban areas (Rahman and Hossain 1995)
Bangladesh is a mostly rural market. The labour push has been growing by 2. 4 percent each year, as the agriculture, industry, and service industries can accommodate only 1. 7 percent total annual development of the labour drive. ( Shahidur R. Khandker 1998)
Although poverty has fallen lately more than 50 percent of the rural populace still lives below the poverty brand. Poverty in Bangladesh is the manifestation of increasing landlessness, high unemployment, low literacy, and high human population growth.
(Ravallion and Sen 1995),
Official estimates of personal income and its inequality, predicated on the Household Expenses Surveys, have problems with inaccurate description of income and inappropriate procedure for the estimation of inequality. These results show that the level of inequality in Bangladesh is lower than the state estimates suggest as the rate of increase in inequality during the period under review has been greater than is shown by standard estimates. The increasing inequality has basically been due to the rising talk about in income of certain components that are desexualizing i. e. , disproportionately concentrated among the bigger income communities) and a climb in the scope of their desexualizing effect. For Bangladesh as a whole a good part of increased inequality has been due to the sharp increase in inequality between metropolitan and rural areas. They conclude by considering the implications of the results for insurance policies for poverty-reducing growth in Bangladesh. (Azizur Rahman Khan & Binanyak Sen :nd)
6) Micro credit has results on savings of the participated homes. The households include both program participants and non-participants. It really is statistically tested that handling income and land-ownership effect keeping and has significant influence on household personal savings. The insurance plan should be continue with and formalize them beyond the land-poor. ( Muhammad Abdul Latif :nd)
participation in this group-based micro credit program considerably alters the mixture of agricultural contracts chosen by participating households. In particular, both female and male participation induces a significant upsurge in own-cultivation through sharecropping, coupled with a complementary upsurge in male hours in field crop self-employment and a reduction in male hours in the income agricultural labor market, constant with its presumed results in diversifying income and smoothing intake.
(Econometric analysis of any 1991-92 Bangladesh household survey )
The Role of Rural Non-farm Sector Female credit results are larger than male credit effects in increasing sharecropping and in reducing male income labor which is increasing agricultural
employment Habits, self-employment, as forecasted and Income formation in rural Bangladesh. (Special Concern on RURAL NON-FARM DEVELOPMENT IN BANGLADESH)
The rural non-farm (RNF) sector in Bangladesh provides work to a huge and growing percentage of the country's work force. The extension of low-productivity self-employment has been the major contributing factor in the sect dental transformation of the rural labor force. As the provision of such non-farm work has been crucial for absorbing the growing amounts of landless rural individuals, the labor shift may have created some extent of overcrowding in the low-productivity non-farm activities, thus undermining the development of overall efficiency and income levels in the RMG sector. In future, if the RNF sector is to experience a more dynamic role, there should be probably some switch of emphasis towards relatively larger-scale and higher-productivity RNF activities which can be better able to respond to income-elastic market demand. (Wahiduddin Mahmud :nd)
They study the composition of occupation in Bangladesh's rural non-farm (RMG) sector and its potential to create sustainable employment, specially when compared with employment opportunities in agriculture. It also considers the role of labor policies, if any, in facilitating sustainable growth of beneficial employment in the rural areas. The newspaper concludes that the RMG sector in Bangladesh has grown in importance through the late 1980s. It's been contributing a rising share of work and value added. While the rural non-farm sector is less effective than its metropolitan counterpart, it generates full-time, sustainable career in small-scale industry. Productivity of a number of activities is greater than the heading agricultural income rate. The household element of the RNF sector still generally consists of low-productive activities, and continues to employ one third of the rural work force involved in the sector. The RNF sector has scarcely begun the process of generating income employment; future prospect of wage employment will depend essentially on the expansion of rural industries. Labor market guidelines have had almost no impact on the RNF sector so far, since a huge part of the sector consists of household activities, which remain an integral part of the informal economy. The launch of a nationwide minimum income may, however, adversely have an impact on the sector by increasing how big is its informal part. With an increase of actualization of the labor force, Government attempts to improve the rural highways network would improve the efficiency of sub-contracting, which would benefit the country.
(Sona Varma Praveen Kumar: nd )
8)The two challenges Bangladesh encounters as she gets into the twenty first century are: (a) fast transition to a market oriented private organization market and (b) integration on earth economy. This information handles a few particular issues in respect of each of the challenges. The main issues in the first category are: the reform of the finance institutions; progress and potential customers of privatization and general public expenditure review illustrated by case of defense expenses. These three measures are interrelated and significantly influence the mobilization of resources for development and therefore, the pace of development in personal savings and investment.
The important problems in neuro-scientific external economic insurance policy relate to: (a) The process of liberalization of trade and forex regime, (b) Sustained development of exports and implications of regular membership of WTO and (c) Regional/ sub regional economic assistance. The short-term adjustment problems of the highly protected home industry are real and should be handled. Preconditions of resource in the price effective import contending and export areas are to be created expeditiously. (Nurul Islam :nd)
9) It analyses the factors influencing women's career in the formal making sector of Bangladesh and considers both demand and offer part determinants of gender composition of employment. On the basis of data from 100 manufacturing enterprises in Dhaka city, it's been figured the characteristics of companies and the attitude of employers towards women's career and male work have surfaced as significant determinants of feminine employment in developing enterprises. Among the characteristics of corporations, the export orientation of companies has been noticed to have major positive effect on female job.
The experience of the enterprises with female employees will not provide an evidence of higher non-wage and/or non-financial costs of utilizing women. Feminine employees did not show either better absenteeism or greater turnover rate in comparison to their male counterpart. Furthermore, such non-wage costs are often changed into financial costs and are protected through adjustment of financial benefits (or negative benefits) provided to women. Even if there is no facts that feminine employees take leave more often or require the provision of expensive physical facilities at the task place, an apprehension about these problems prevail one of the employers, especially in the enterprises that have few female personnel. Such apprehension operates as a deterrent to the employment of female personnel. ( Mrs. Rushidan Islam Rahman )
IN our country the female workers used in the garment industry had to pay a higher price in terms of ill health to acquire a socio-economic position in the culture with their income employment. A large number of female workers in our country have suffered from various health issues after starting work in the garment industry regardless of the actual fact that scheduled to wage occupation they could manage to buy better food and better accommodation which have a positive impact on health. This is mainly due to overwork, uncongenial working conditions and above all because of wide-ranging labor legislations violation. A bi-variant evaluation and a multivariate regression examination of the determinants of individuals' health status show that gender is a substantial varying in this framework. The consequence of the regression examination further implies that work hour exerts the major negative affect on the relative possibility of having a sound body. Grave concerns are also portrayed in this paper about the negative impact of garment focus on female staff' mental health. Finally, she suggests that the launch of a two-shift working system, the implementation of labor regulations regarding having a qualified physician and installing fire struggling equipment and the benefits of medical health insurance and health education developers would ease the health problems of the feminine garment personnel. ( PratimaPaul-Majumder: nd)
Analysis: For many people who are poor, work is a essential catalyst for escaping them from poverty. Nearly all population of your country is poor. By keeping this major total unemployed economic expansion or development is impossible. Therefore financial progress is impossible without better employment opportunity, proper income and a reasonable price of necessary daily goods. A large amount of poor part of our country has already been employed somewhere here or there. But the challenge is at another place. These exact things are predominantly in the economy which is informed like ours, where in fact the income of this portion which means poor people is limited. Therefore reducing poverty indicating unemployment isn't only a solely question for growing this overall economy but also making sure efficiency of performance of employees and the number and quality of work available which is able to eliminate unemployment as well as poverty. The reasonable work is perfect for the introduction of work condition through right, representation and safety for our country. However it does apply for both expanding and developed countries.
This is not able to compete with the developed country. Bangladesh is not a developed country. As its development process is operating it hasn't enough working sector.
Overall employment circumstance in our country is not acceptable. It is because in our country there will do labour force however, not enough vacancy. At the moment the total labour force of the country is 5. 37 primary among them 5. 10 crore is employed and 0. 27 center is unemployed. This is merely the work make get older more than 15 time. But in our country three are many other people who wish to work scheduled to poverty and credited to maintain there lively hood. If we matter our occupation condition by the amount 5. 37 crore than our employment condition is slidely reasonable. But is we assess our work condition through the situation of exciting hood it is out of standard.
Ours' is an agriculture based current economic climate. A vast part of our nationwide income originates from agricultural sector. But due to lack of technological improvement in agricultural sector our annual production is badly hampered. If we can improve the use of scientific improvement in this sector we can increase our countrywide production which will provide new work facility. Alternatively demand of food plants are increasing proportionately with the high increasing rate of populace. If we fail to increase our national production the balance between demand and offer would be imbalanced. In such a scenario we are forced to transfer food crops. In order that national expenses will be increased. Which would lower national investment that will certainly reduce employment. Because of populace explosion fisheries areas are badly detrimental. Generally people our very little thinking about fisheries since it is very high-risk investment. This sectors required large amount of capital supervision and a tuned businessperson. It the unemployed folks get satisfactory capital and proper training they can type in this sector that may increase career.
The supply of natural gas is unavailable in Bangladesh. Due to lack of gas new industries can not raise. If authorities calls for proper steps for delivering gas new industries will raise that may provide occupation.
If we'd make high raise building our accommodation capacity will be increased that may reduce intake of land. We are able to run many productive activities for the reason that land that will increase employment.
If garments areas increased, proportionately the production will be increased. For that reason new career will be increased.
Employment sectors can not keep rate with increasing people. If we can export our unemployed manpower into foreign countries it will increase remittance.
Due to lack of trained manpower many overseas organizations set up in Bangladesh can not appoint their necessary manpower. So, unemployment still prevails in our country.
If we can create duel shifting system rather than overtime working system it could increase job facilities.
The folks of Bangladesh are reluctant in saving. That is why they cannot invest in more profitable business which is very necessary in creating new job. We noticed that the majority of the labour pushes are working in Saudi Arabia, Kuwait, Oman, Singapore, Malaysia, U. A. E. Also, they are employed in Italy, Mauritius, Brunei, South Korea, Jordan, Bahrain, Qatar and other countries. If we analysis the manpower export from the beginning to 2008 we see 80% of total manpower export in Midsection East country. In 2000 65% of Bangladeshi workers gone in Saudi Arabia and in 2009 2009 the pace of export employees decreased to 3%.
In 2000 15% of total staff proceeded to go in UAE but in 2009 it is increased by 54%. It is increased by eight times from the entire year of 2000. Checking other countries manpower export increased by 17%, where in 2000 manpower export was 2%. This declaration proven that the export of manpower market enhanced itself daily. The lion share of our own remittance originates from Saudi Arabia. In 1999-2000 about 47% of the total remittance was received from Saudi Arabia which is reduced from 47% to 29. 5% in 2008-2009. Alternatively for the reason that period, remittance that comes from UAE increased significantly over the same period from UK and USA. It we explain comparative scenario of the country sensible remittance inflow between 1999-2000 and 2008-2009, we can simply start to see the change in labour drive in various countries. Here, KSA's remittance decreased by 47% to 29. 5% UAE's remittance increased by 6. 7% to 18. 1%. In 1 / 4 remittance was increase by 3. 3% to 3. 5%. In Oman remittance was cut down by 48% to 30%. In Bahrain remittance was 1. 6% to 2. 1%. In Kuwait remittance was 12. 6% to 10%. In USA remittance was 12. 4% to 16. 3%. In UK remittance earning was increased 3. 7% to 8. 1%. In Malaysia remittance earning was 2. 8 to 2. 9%. In Singapore remittance earning was 0. 6% to at least one 1. 7% and inspection from other countries it is noticeable that total income of remittance is increased day by day. Price is named the amount of money which is utilized to exchange, current value or rate demanded in market or in barter. It is used to measure the price tag on something. Depending on price seller models the value on his goods in market. Price is a significant catalyst for the introduction of an current economic climate. By calculating price we can determine our monetary condition. The primary pointer of measuring price is inflation CPI, Interest and some other activities. The GDP progress (which is the determiner of economical condition) of economy is basically depends on inflation as well as price.
The major reason behind our underdeveloped overall economy is inflation which is established for price hike. The inflation rate of Bangladesh is relatively high than that of developed countries ever before many other producing countries too. It really is one of the major hurdles behind economical development of Bangladesh. We are able to see from the "Economic Review of 2009-10" the inflation rate in food index is 7. 18% which is greater than that of non-ford index which is 5. 91% where overall inflation in keeping is 6. 66%.
The food crop development of our country is still getting together with our indigenous demand in a large portion. This is why we do not import food crop from other country. In such a 21st century the only person curse of your country is poverty and number 1 problem is inhabitants growth. As the population is increasing day by day the cultivatable land is lowering for offering accommodation of the increasing populace. If we will neglect to control this immediate growth of inhabitants within very short time we will fail to meet our demand of food crop. As a result we will drive to transfer food crop which will spoil money and can make price level high.
In urban portion of our country people earn more than rural area. But here daily price and inflation rate is high. Due to high inflation people have to use a large portion of their income for daily expenses. As a result the folks of metropolitan area are failed to save the total amount that they have to save. This is the scenario of metropolitan area. But the situation of rural area is more weakened. The income of the people of rural area is low. Though the inflation rate and expenditure in community is low they can not save enough due to low income.
If it's the scenario of your country there is absolutely no opportunity of necessary investment. Which means we are unable to run new and large scale economic activity which really is a major constraints behind economic expansion as well as economic development.
According to the graph of Bangladesh Economic Review point to point inflation. Average inflation rate from July to March increased from 6. 6% to 6. 89% which is 0. 23% greater than that previous year. Another determiner of price level of an overall economy is consumer price index (CPI). Consumer price index shows consumers cost of the goods and services bought by consumer. The price degree of an economy is shown by consumer price index. In Bangladesh CPI relatively high in aspect of our income. If we can decrease the buyer price index, our savings would be increased. It we can reduce price level, our consumer price index would be reduced. Each month Bangladesh Bureau of figures computes and information the consumer price index. Consumer price index is determined in four steps. These are (i) set the basket, (ii) find the costs, (iii) compute the basket cost, and (iv) choose basics yr and compute the index.
Consume price index can be calculated in the next manner:
Consumer price index =
Bangladesh is a producing country in the world. This country struggles to run with the developed countries. But in this 21st century one of the very most profitable sectors are trying to make our country developed. It really is garment areas. Today Bangladesh is one of the most successful countries in garment industries. In Bangladesh job areas were not well suited for women. But it is garments sectors which provide job for women. But problem is that girls our not paid similar or paid significantly less than that of men. In 21st century a fresh form of creation encouraging female labour in the creation. There are many sectors except garment where women are offering their labour without proper go back. It appears an unending process which is giving birth a strong major depression in your brain of female labour. So if we don't take proper steps from this disparity our total labour drive will badly hampered. Keeping it at heart administration and private areas has considered many steps unanimously. Recent increment of the minimum wages of clothing labour is the first implementation of these steps. Inside our country almost all of people live from side to mouth. In most families male folks work for assisting family. But it is very difficult in Bangladesh to run a family by only the income of one person. Considering this a lot of women forced by themselves to work outside the home. But they cannot get enough pay there. Not merely women but also male labours are suffering from same problem. Most of the peoples of your country live below poverty range. So the way to obtain labour in Bangladesh is very available. By firmly taking this service many industrialists dominating our labour market within an inexpensive wage.
If we analyses 10 years information about real income and standard inflation than we can see that the overall inflation rate is increased 3. 5 times and the real labour wage is increased 1. 33 tines. From this information we can say that the wage rate of your labour is not sufficient for keeping their livelihood. Thought wage rate increased from the past time, the increasing rate is suprisingly low. As a result of this low lo rate of income in aspect of inflation the entire living standard of your country is below standard.
ON the other hand as the income rate is not sufficient for maintaining their livelihood the poor folks of our country who are actually utilized here or there are disable to keep their day to day cost. As their income is insufficient they can not buy food essential for them. As a result they and the youngster are suffering from malnutrition. They can not provide proper education facility with their child. As a result a large portion of our next technology is not built up properly.
Another expression behind this issue is people problem. The pace of increasing inhabitants in lower level is higher than that of higher-level. This is another major reason behind malnutrition.
Now a day's gas and electricity resource in new industry is restricted. Bangladesh government did not give new interconnection of electricity and gas in new industry. This is a problem behind new investment. The brand new investors who want to spend money on the industry sector have to get a huge sum of capital due to make ability plant to generate power. As they price more in capital goal they want to reduce cost giving low wage. On the other hand as the forming of new industry in stopped; new occupation sector is not increasing, but people is increasing as well as employees is increasing daily. Another reason of low income rate is extra work force. Because of the excess supply of work force income rate of our own country is leaner than that of every other country.
A large sector which is tugging up our economy is readymade clothes sector. A massive portion of national income comes from readymade clothes sector. This is actually the sector which acquired created women empowerment. Because of readymade clothing sector the women of the country are actually going abroad and they are now contributing to GDP as well as men. But the challenge in this sector is that women's will work in readymade clothes sector rather than their sick health. They can be contributing inside our GDP by loosing their health. In aspect of this there, they should pay more. However the factor is that they are getting reduction and in maximum cases damage than man which is a huge menace to the expansion of an economy.
Bangladesh governments are actually taking some important steps for increasing wage. Minimum wage is a using question now-a-days. If government authorities take proper steps for increasing bare minimum income, this will be fruitful for our overall economy. But the basic issue of increasing minimum income is the fact if minimum wage is increased the region of pie will be small which point out in useful and economy and prevent the development of economy.
If we evaluation the topic of unemployment we can easily see that the majority of the people will work in agriculture, forest and fisheries industries. However the rate of job is decreasing day by day. They are involved in manufacturing industry, travelling and other industries, because of low rate of salary in that sectors. We also see that there surely is no trained staff in our country. In order that they don't get any job. Remittance generating from the in another country is lower associated with the prior period. In 1999-2000 remittance getting change in 19. 63% but now a times it is 17. 39%. Right from the start years remittance making increasing continuously but in the modern times remittance earning is lowered from the previous season. Remittance earning is not increasing associated with the increasing rate of population. In the last season total manpower export reduced from the prior year. People are gradually getting rid of interest to work in Saudi Arabia and they are moving in other countries with a view to employed. Here pulling system is not developed. Administration cannot provide any facility to the remittance holders. After all, the monitory system is not developed inside our country. Throughout the market of Bangladesh there is not proper regulatory construction in Bangladesh. Bangladesh federal government does not allow the banking sectors to provide center about distributing remittance among the list of folks of our country. There isn't enough insurance plan about attracting system. So we can say that we now have huge amount of restriction in the job sector of Bangladesh.
Proper wage is the most productive catalyst to persuade a guy in work. But the minimum income of Bangladesh is not adequate. Garments sector offers lots of occupation to the people but it isn't giving minimum salary to the workers, which is necessary to afford an improved cost of living. The rate of normal pay index is growing steadily and 2008 to 2009 fiscal calendar year it includes increased 18. 90% comparing past fiscal 12 months. In 2008-2009 fiscal time fishery of industrial industries increasing rate was 15. 45% to 17. 9%.
High inflation rate is a significant obstacle behind economical development. Here, inflation rate is 6. 66% in 2008-09. This year it would be raised based on the point to point inflation rate in 2009-10. Inflation rate in cities is greater than that of rural areas. Huge portion of daily bills of basic people in Bangladesh is employed for food that is why our consumer price index would be high. It will hamper our cost savings. Based on the point to point inflation rate in 2009-10, we can see that inflation rate gets higher from July to March. Authorities fixed the price tag on necessary goods through budget. But, it struggles to bring results for a short while. It is a failure of monitoring policy of our authorities. Price like occurs a great problem to the limited earning people.
Due to high price basic people cannot buy enough healthy foods, that's why they suffer from malnutrition. For these reason, they cannot give full attempts in their responsibilities.
Policy Suggestion: If the federal government has been used pursuing valid important steps that will assist government quick transmission of the remittance through banking sector. These includes-
With a view to increase network about collection and distribution of remittance. It's important to increase attracting system by Bangladesh bank.
Relating to the foreign exchange house it is necessary for Bangladesh bank or investment company to create out policy about drawing system.
In the modern times, 850 drawing system of 42 Bangladesh bankers with 295 exchange properties are located abroad.
A regulatory construction is to set up exchange house between sketching system which is situated Bangladesh banking institutions and abroad to be able to achieve reliable and effective monitoring system.
In order to provide remittance quickly it's important to develop the monitory system.
Allow branches of 16 micro financing companies / NGOs and also lender branches of your medium of remittance syndication to increase remittance distributing network.
Government should permit the persons who stay in abroad to acquire 1/10 part of share from the commercial bank.
Government has to offer lucrative facilities to the person living abroad for creating new industry in Bangladesh.
Government should give economic advantage and set up training curriculum for the unemployed person to move abroad.
Industry anti money laundering act as well as forex control function to hamper and eliminate hundi activities.
Government should provide special resident facilities to the top remittance sender.
Bangladesh robotic cheque processing system (BACPS), electric fund transfer (EFT) and automated clearing house should be started rapidly by government.
So we can say that occupation adding various development program inside our economy. So federal government should be developed different programs and expatriate welfare workplace at air port with a view to provide center to the unemployed person.
Government should fix the minimum wages for employees at various areas. By giving maximum wages it's possible for employer to acquire best effort from the worker. Additionally it is necessary to monitor that the employees are receiving the suggested income. Every year the level of salary should be evolved looking at with global market.
Government should take proper step to lessen inflation rate. Federal determined the prices of necessary goods to regulate the purchase price hike. However the fact is lack of monitoring is unable to control price like all round the year. Federal must ensure the price level which is revealed in the budget. Federal should ensure proper facilities. Authorities should use the unemployed people. Administration should arrange different types of training program and should organise capital co-operatively so that they be a part of monetary activities.
Economic development of Bangladesh is an extremely critical issue "Economical Development" it's very simple word. Nonetheless it is easy to state and difficult to do. You can find change constraints behind the monetary development in facet of price wage and employment. In our country the main and number one problem is human population problem. Rapid expansion of population is a great threat for financial development. Due to rapid expansion of society unemployment problem, price and wage related problem increasing daily. Because of increasing rate of inhabitants employment sector is certainly going more and more competitive daily and scheduled to excess supply of labour force minimal wage inside our country is suprisingly low.
On the other hand due to excess demand of daily use able goods price level is increasing daily. It is heading impossible to regulate price hike which influence inflation. In facet of increasing inflation wage is not increased. As a result the standard of living is lowering day by day.
In simple sense it is very easy to increase minimum amount income. But if we think if through macro-economical adjustable it's very difficult because these factors are vary sensitive.
Our current economic climate is packed with demand, but natural source, capital, technology, proper company is restricted. Because of this our society encounters huge difficulty to deliver this scarce reference against huge demand. Instead of this problem, price hike, inflation is our day today problem of our current economic climate. Behind all this problems, malnutrition as well as poverty the sources of our market which hindrance our monetary development.
The women's of our own country are backward because of our own society structure. Our society will not allow women to work in another country. That is readymade apparel sector which bring this women out from their home. They are actually contributing largely to our GDP. But the condition is that the repayment of women staff is low than that of man which discourage our women. It is the demand of the time to increase women's repayment and equal payment.