- Industry

Revamping Jute Industry

Lest we forget, the jute industry was the existence bloodstream in our economy for many decades and remains among the mainstays in our rural economy to this day. About 15 million maqui berry farmers take part in growing this cash crop and many million much more of the population, possibly many of us, are participating using its processing, transportation, conversion, etc. Be that as it might, the went off course because of undue interference and discriminatory policies produced by the insurance policy- makers every so often and for reasons past the charge of the commercial operators. To be able to comprehend the current condition of matters in the market, you have to consider the backdrop from the jute industry and also the occasions that required place during the last several decades.

Although this area of the country was regarded as a hinterland within the 1940s where we created only raw jute, all processing from the fibre ended within the jute mills in present India.

The then Government of Pakistan realized that it might be easier to increase the value of the fibre and export jute goods to earn foreign currency for that nation rather of conveying just the fibre. As a result, the federal government started to advertise establishing of jute mills dating back to in 1951 within this area of the country.

At any given time when Pakistan was dealing with a time period of rapid industrialisation, the Govt. asia made the decision to devalue her currency. The economists of this period realized when Pakistani Rupee seemed to be devalued in the same rate as those of India, the rapid industrialisation procedure that the nation was experiencing could be retarded.

Therefore, the Govt. emerged, as soon as in 1959, having a unique approach to paying the for overvaluation of Pakistani Rupee by means of bonus vouchers, a plan carefully crafted in which the consumers compensated for that overvaluation from the currency and there wasn’t any burden around the national exchequer.

Through the finish of 1960s and early 1970s, about $ 30 million everyone was already involved directly or not directly within the sector. By 1972-73 the had been producing about four hindred and fifty 1000 metric a lot of jute goods earning roughly US$ 195 million.

Around 1971-72, the Govt. of Bangladesh adopted an insurance policy of nationalisation and therefore, within Presidential Order, nationalised all major industries such as the viable, vibrant and financially healthy jute industry without considering, if the mills were of Bangladeshi nationals or else.

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