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Abstract
This critical evaluation examines industrial development policies in Bangladesh during the first decade of independence from 1971 to 1982, analyzing their conceptual foundations, implementation mechanisms, and developmental outcomes. The article investigates the evolution of industrial policy through different political regimes and assesses the impact on industrial growth, structural transformation, and employment generation. The research analyzes major policy frameworks including nationalization initiatives, private sector promotion measures, export-oriented industrialization strategies, and small-scale industry development programs. The study examines sectoral performance in key industries including textiles, jute manufacturing, pharmaceuticals, and consumer goods production. The article assesses the institutional framework for industrial development, including investment promotion, credit allocation, and technical support systems. The research also identifies policy constraints and implementation challenges and proposes reforms for more effective industrial development in the future.
Full Text
Industrial development policy represented a crucial dimension of economic strategy in independent Bangladesh, with this article providing a critical evaluation of policy approaches and outcomes during the first decade. The research begins by examining the industrial legacy inherited at independence, analyzing the limited industrial base, dominance of jute manufacturing, and challenges of wartime destruction and ownership transitions. The analysis explores the evolution of industrial policy through different phases, including early nationalization under the Mujib government, gradual denationalization and private sector promotion, and emerging export-oriented initiatives. The article investigates sectoral policies for major industries, including jute manufacturing restructuring, textile industry development, emerging ready-made garments sector, and various import-substitution industries. The study examines the institutional framework for industrial development, analyzing the roles of Bangladesh Industrial Development Corporation, nationalized sector corporations, investment promotion agencies, and development finance institutions. The research assesses policy instruments including investment incentives, tariff protection, credit allocation, and technical support programs for different categories of industries. The article analyzes employment generation outcomes, examining how industrial policies affected job creation in formal and informal sectors and across different skill categories. Based on the comprehensive assessment, the article identifies both achievements and limitations in industrial development and analyzes the factors that constrained more rapid industrial transformation. The findings provide valuable insights into the challenges of industrial policy in least developed countries and contribute to understanding the relationship between policy frameworks, institutional capacity, and industrial development outcomes.