Pulack Ghatack
The country is becoming increasingly dependent on the remittances from the expatriate workers, as it is being more and more helpless to clear its liabilities from its export earnings.
Imports of essentials including staple food, rice have been rising. Imports of oil, capital machineries and primary products are also on the rise as the countries industrial production is heavily depended on imported raw materials.
At the same time fashionable and luxurious items are also glutting the domestic markets to cater to growing number of the rich whose income and assets are ballooning in sharp contrast to the vast majority.
Imports for July-May this year went up by more than 24 percent from a year earlier, while exports increased by 15.27 percent bringing the trade deficit to US $5.04 billion from US $3.29 billion in the same period of last year. [Read more]
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