Bangladesh Crisis: Uncertainty in garment sector due to Bangladesh crisis, situation expected to return to normal soon: FM Sitharaman

Uncertainty in apparel sector due to Bangladesh crisis, situation expected to become normal soon: FM Sitharaman

He said that due to the crisis in the neighbouring country, some uncertainty is being seen especially in the apparel and knitwear sector.
Bangladesh Crisis: Finance Minister Nirmala Sitharaman on Saturday said the Indian garment sector is witnessing some uncertainty due to the Bangladesh crisis. She expressed hope that the interim government there will resolve the problems soon.
Sitharaman told reporters after her traditional post-Budget address to the Central Board of Directors of the Reserve Bank of India that efforts are being made to ensure that the borders with the neighbouring country remain safe.
Regarding Indian investments, he said, especially the textile industry of Tamil Nadu has invested there in good faith and they have performed well there.
The Finance Minister said, “Due to the liberal approach we have adopted in terms of duty and quota for low-income countries, exports from Bangladesh have also increased. They (Indian garment industries based in Bangladesh) can also export to India.”
He said that due to the crisis in the neighbouring country, some uncertainty is being seen especially in the apparel and knitwear sector.
Sitharaman said, “I hope all investments are safe… It is too early for me to say anything about the impact caused by the Bangladesh crisis at this time. I hope the interim government will solve the problems as soon as possible so that the people of both Bangladesh and India can return to normalcy.”
It is noteworthy that earlier this week, Bangladesh Prime Minister Sheikh Hasina resigned and left the country for India. She resigned after fierce protests over the controversial quota system in jobs.
Following his resignation, Parliament was dissolved and an interim government led by Nobel laureate Muhammad Yunus was formed. (pti)
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