PRIVATIZATION OF INDUSTRIES IN BANGLADESH

In: Journals

Dhaka University Journal of Business Studies, Vol. 13(2), 209-228, 1992
PRIVATIZATION OF INDUSTRIES IN BANGLADESH : PROBLEMS AND PROSPECTS
MUHAMMAD MOHIUDDIN*
[ Abstract : In accordance with the nationalisation policy of Bangladesh, 85% of the industrial assets have been put under public management in 1972. But the failure of public enterprises has forced the government to initiate privatisation. Public ownership was a popular economic phenomenon before mid ’70s. But everywhere in the world as well as in Bangladesh. it has turned into a drain on national exchequer. Few hundred industries have so far been privatised with the cardinal assumption that it will improve operational efficiency. But the performance of the industries so privatised is poor and sluggish. The problems are numerous. Policy shortcomings are to be improved by broadening ownership spectrum, developing entrepreneurship skill, and initiating anti-dumping policy. etc. Infrastructural facilities such as reducing control on industrial activities. protecting illegal import and undue delay in sanctioning and providing essential facilities are to be ensured. Political stability and its continuance is a must for having increased PFI participation.)
INTRODUCTION
Bangladesh has been pursuing a policy for rapid industrialisation since its independence. The First Government of Bangladesh was corn-mitted to establish a socialist economic system and in accordance with it, put all industrial units with more than Taka 15 Lacs fixed assets under the public sector. In this process of industrialisation nearly 85 percent of the industrial assets were nationalised in 1972.1 Further nationalisation of banking, insurance, and jute export limited entrepreneurship to only medium, small and cottage industries and trade2. But the nationalised in-dustries failed to contribute positively to the national economy. Rather, they become a burden on the national budget due to continual huge amounts of subsidy. Alternatively, privatisation was thought to be a viable economic category to achieve faster economic progress.
Privatisation of industries has been started since 1976 as a policy guide to increase industrial productivity and efficiency. There were 381
* Mr. Muhammad Mohiuddin is an Assistant Professor in the Department of Management, Dhaka University. 1. Industrial Investment Policy 1972-73, January 08, 1973. 2. Sobhan, R. and M. Ahmed: Public Enterprise in an Intermediate Regime: A Study in the Political Economy of Bangladesh, BIDS, Dhaka, 1980.

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