India’s Textiles, Garment Sector Impacted Due To Bangladesh Unrest: FM Sitharaman

File Photo

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that there was some uncertainty in India’s textiles and garments sector following the political turmoil in Bangladesh but it was too early to say what the overall impact on the economy would be.

She said that Indian businessmen have made investments in Bangladesh in good faith and these resulted in increasing exports and creating more jobs in Bangladesh. “I hope these investments which have benefited Bangladesh remain safe,” she remarked.

India has a policy of allowing liberal imports from low-income countries and this has also helped to spur growth in the Bangladesh economy, she added. “I hope the new regime in Bangladesh will settle the problem sooner rather than later so that the people of Bangladesh and India can get back to their normal situation,” the Finance Minister said.

She also said that the External Affairs Minister has made a statement in Parliament that India has stepped up its security along the Bangladesh border. Prime Minister Narendra Modi had extended his best wishes to the newly sworn-in head of the Bangladesh interim government, Nobel laureate Professor Muhammad Yunus. PM Modi expressed hope for a swift return to normalcy and called for the protection of Hindus in Bangladesh.

PM Modi’s request came in the backdrop of media reports stating that Hindus and other minorities were being attacked in Bangladesh following the ouster of the Sheikh Hasina government in violent protests led by radical elements.

Several hundred Bangladeshi nationals, mostly Hindus, gathered at different points along India's border with Bangladesh as they are trying to flee the strife-torn country. The BSF has tightened security along the border and has even resorted to forming a human shield to prevent Bangladesh nationals from entering the country. Several such incidents were reported from the India-Bangladesh border in West Bengal.

Meanwhile, newly-appointed Bangladesh foreign policy adviser Touhid Hossain said that Dhaka will maintain a balance in ties with big powers and establish good ties with all countries. Hossain has been a career diplomat and is a former Foreign Secretary of Bangladesh.