Impact of Garments Industry in Bangladesh Economy

Abstract

Ready made Garments (RMG) is a great prospect for the Bangladesh Economy especially in Exporting. Almost 80% of total export covers from this Sector. RMG impact a lot in the economy of Bangladesh such as contribution a large portion in the GDP (Gross Domestic Product) , Contribution to the GNP (Gross national Product), Economic Empowerment especially for Women because 80% of The Garments Worker are Women. The Readymade Garment (RMG) industry of Bangladesh tells an impressive story of country successful transition o\ cards a major export t- oriented economy. Starting its journey in the late 1970s with relatively small investment, the industry, the industry flourished in 1980 and 1990 and has become the largest industry in Bangladesh. The contributory factors of the RMG industry in Bangladesh are global trading agreement, cheap labor cost, government policy support and dynamic private entrepreneurship. All these things have helped Bangladesh to gain a handsome share in the global garment business. From early 1990 inwards the RMG industry has become the largest ·foreign exchange earning sector in the economy. In 2013-14, Bangladesh earned nearly $ 20 billion by exporting garment products and RMG cover 75 percent of the total export of the country, having the lion 's share of the country's exchange. Contribution of RMG is very positive Bangladesh economy, sharing 18percent of the total national GDP. Moreover the industry has become a vehicle for further industrialization of the country then accelerated to its journey with the commitment to the society to build prosperous Industrial backbone for socioeconomic development of the country. board gets some feasible idea of future strategic moves of the organization. Because, fairly a well established human resource management can built a constructive organization likewise some constructive organizations can build a modern country. However, nowadays HR Department is onsiderate as the Mutual Bridge of making evenly understandable decisions between all the departments among an organization. How and why is that? The answer is - "Since each department is Human Oriented and HRM deals with every individual human being or employee working in an organization, this statement is true as well as valid one. So HRM decrease the distances and conflicts between the employees of all the departments as well as enhance the work efficiency of the workforce which eventually results a certain amount of profit maximization for the companionship. Finally a profitable Industry must contribute to the economy of the country's development.