Impact of remittance on development

Over the past five decades, Bangladesh –a densely populated country with a population of approximately 170 million people -has come a long way in terms of socio-economic progress. Pandemic-induced shock have wreaked havoc on our economic players with one big exception-remittances. Although migrant workers and inward remittances took a big hit at the onset of the pandemic, the sector bounced back since the last July. Remittance plays a crucial role in eradicating poverty and enhancing GDP growth for the developing countries, such as Bangladesh. Few drawbacks lie in this sector when it comes to extending and searching for new destination for Bangladeshi diaspora. Nearly one million people of Bangladesh are engaged in this sector at a present, and they send money to their families back home, a fact that leaves a positive impact on our economy. In the first ten month of this fiscal year, remittance inflow surpassed the 21 billion mark in contrast to merely 23. 71 million in 1976. Remittances have put a positive impact on our socio-economic development. Remittances have contributed to the creation of employment directly and indirectly through making investment in our not only industrial sectors but also agricultural sectors. Remittances have played a significant role in our industrial sector through making investment to purchase contemporary machinery for export-oriented manufacturing. Needless to say, these factors give a rise to more employment in our country. At the same time, the fact that the modern techno-based factories allow Bangladesh to export manufacturing product using local raw material promotes the country to shrink the deficit of Payment of Balance. Because a large segment of the Bangladeshi expats belong to lower income group, their hard-earned money benefit their family to come out of extreme poverty. They also invest their hard-earned money to run small business which trigger self-employment. Apart from this, Migration provide the youths with job opportunity abroad. Moreover, their families are able to consume nutritious food thanks to increased purchasing power. They comfortably purchase their necessary goods through mobilizing their money. It is disheartening to see that a good number of migrant workers, compelled to return home due to the devastating pandemic, have found themselves without any ostensible means of income in the country. Unfortunately, many of them returned with little cash in hand as their pay remains in arrears, and they return home in a hurry. Have we any responsibility to support our migrant heroes? Of course, Government should pay attention to address their sufferings; moreover, Government should provide them with opportunity to run a business or avail a better choices of earnings. Besides, Loans on easy terms should be provided to them for the time being. Alongside this, Government should play pro-active role and take up the matter with the respective country so that the expatriate workers could return to their job. Bangladesh sees a steady spike of remittances sent by our diaspora over the years. To maintain this upward steady trend, Government should look for new destination to promote this sector and a good number of people may benefit from this sector. More importantly, Government should focus no training and make them skilled. We never deny their contribution on our regional and national economy. We can encourage them to send money by legal channel shunning Illegal Avenue. Hence, the country will be beneficial more.