Our victory, our strength

We freed ourselves 50 years ago and emerged as an independent nation. Our flag, adorned with red and green, is tantamount to our supreme sacrifice of lives and blood. Fifty years ago, freedom-loving people finally succeeded in earning victory by defeating the Pakistani military. Today, we recognise the supreme sacrifice of our freedom fighters who fought for the nation’s emancipation from all types of social and economic discrimination, injustice, and oppression.

We salute the freedom fighters, both the living and martyred ones. We solemnly pay our tribute to the departed soul of Bangabandhu Sheikh Mujibur Rahman, who made our independence possible and victory visible. We have not possessed merely a sovereign territory following our victory. The very objectives of attaining economic solvency through our victory have also been achieved to a great extent. From a grant-dependent economy, Bangladesh is now an aid-dependent country. In Fiscal Year 1971-72, the total aid by foreign donors was $610 million, of which $512.71 million was in grants and $98 million was in the form of loans. Conversely, in FY2020-21, Bangladesh received $7.10 billion as foreign aid from its development partners. Of the total, $6.77 billion was foreign aid and only $334.2 million was in grants.

Multilateral lenders and rich nations now park their multibillion-dollar in our economic infrastructure for a good return. In the first financial year 1972-73 following the country’s independence, the National Board of Revenue (NBR) collected only Tk 166.30 crore, which shot up to Tk 2.56 lakh crore in FY2020-21.

Revenue comes from individuals, corporations, the stock market, and businesses of other categories too. Bangladesh is now a land of a diverse economy, much ahead of Pakistan on almost all fronts. Bangladesh earned more than $38.75 billion from exports with a 15.1 percent growth in the Fiscal Year 2020-21 even during the coronavirus pandemic.

During the Pakistan regime, our export was basically limited to jute and tea. Now, Bangladesh exports 751 products. We are the second-largest apparel exporter in the world.

After Bangladesh’s liberation in 1971, we inherited a poor and undiversified economy.  Bangladesh’s GDP has risen from about three per cent in the 1970s to seven per cent in the 2000s and crossed eight per cent before Covid-19 hit the economy. In this regard, noted Economist Rehman Sobhan, Chairman of the Centre for Policy Dialogue (CPD), said at liberation Bangladesh was well behind Pakistan in most areas of macro-economy, and had experienced levels of poverty and lower levels of human development in areas such as education and healthcare.

The poverty rate in the country was more than 80 per cent in 1971. At present, the poverty rate is only 20.50 per cent. The per capita income is now $2,554. After 1971, it was $134.

In FY1973, the size of Bangladesh’s GDP was Tk26,455 crore, which reached Tk2,793,867 crore in FY21.

In 50 years of independence, the per capita income has risen by at least 19 times. The then East Pakistan had only nine companies listed in the stock market, which is now 345. The economy has been growing, poverty dwindling, and the nation advancing. On the occasion of Bangladesh’s golden jubilee, our prime objectives now should be establishing a free and fair society, good governance, and ensure wealth distribution to lower tiers of our society.

We need to become a hub not only for apparel products but also for electronics items, automobiles, digital devices, and high-value fashionable products. Becoming a middle-income country is no longer our dream, but becoming an advanced economy is our purpose and goal. Our people have to work hard to become prosperous and make independence more meaningful. Our government needs to motivate people for work and ethics and purposes and goals so that victory day makes sense in our everyday life.

Enough democratic space and freedom of expression will make our dream more possible. Our freedom fighters fought for our independence. They made it happen. Now let our unending fight for prosperity, more economic solvency, and stride for freedom of expression start afresh.