Corona Virus Effects on Garments Sector in Bangladesh
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The thesis paper is based on recent phenomena. The topic is about impacts on the Ready-Made Garments industry due to the age of the Corona Virus Pandemic. A million people have been affected by Covid-19. At first, people were advised to stay at home at the beginning of time. At that time, cities and towns had to be locked down. All activities including business activities were postponed at that time. So it is normal to sense that our RMG sectors closed down at that time. The broader objective is to identify the direct or impacts on RMG sectors. Along with getting to know the economics of Bangladesh, a review of Bangladesh is necessary. The source of information is mainly daily paper or article-based. Bangladesh got its freedom in 1971. The economy went on strike. There was no hope or wish at that time. But slowly and slowly the economy is making progress in the state. Now Bangladesh is the 2nd most supportive free-market economics of Asia. The economics of Bangladesh shows a developing free enterprise. It’s the 35th largest in the world in nominal terms. Depending on agriculture is one of the major sectors of Bangladeshi people. The main crops are rice and jute. Around 48.4 percentage people are involved in agriculture. There are some other sectors besides the RMG sector in the manufacturing sector. The government wants to give importance to various types of industry. The country is also prioritizing increased manufacturing in the automotive, agribusiness, and pharmaceutical sectors. The Bangladesh Garments sector started its journey in late 1978. Now it is turned into one of the highest sources of export income. 82.75% of export income is coming from its factor. A million people work in this sector. We gain goodwill in this sector. But there is a lack of sustainability in this sector. Different types of problems are involved in this sector. The garments sector may face external and internal problems. Covid-19 is now newly added in this sector. It is a global problem. No one is safe from this sector. Garments lost its huge income from this sector. According to Rubana Huq, there were around 3 billion cancellation orders during March, April, and May. The country faces a 28.5 % export down. The government releases another Tk 2,500 crore from the rescue package for the main industries suffering from the pandemic, which was later found to be insufficient. Banks paid the quantity directly into the bank or mobile accounts.
- Accounting