Covid-19 has had a sporadic negative impact on the export sector and it is predicted to reduce exports by 20 to 30 percent.
The orders of international buyers that have been canceled before might be taken up once again, but garment orders may be reduced.
In such a crisis, we have to focus on making a variety of high-priced garments from cotton-based materials.
Besides, the government's policy support, cash incentives and budgetary support in the ready-made garment sector cannot last a lifetime.
The support that the garment industry gets now should be given to the backward linkage industries because at one time the garment industry was 100% import dependent but now it is self-sufficient.
The government needs to increase its policy support
by identifying new potential products such as leather,
pharmaceuticals, light engineering, ICT etc for export
The 'back-to-back' LC facility in the readymade garments sector should be effective not only in the export sector but also in the domestic industry as a whole. Even before Covid-19, it was having a negative impact on our export earnings.
We have to think about the whole internal industry in terms of policy support without thinking about any one particular sector or product. In this situation, maximum importance should be given to product diversification.
In addition to ready-made garments, the government needs to increase its policy support by identifying new potential products such as leather, pharmaceuticals, light engineering, ICT etc. for export.
The international market is turning around. America-Europe markets are opening. In some places buyers are buying products standing in a long line. The big challenge is to keep the factories open in case of emergency so that the workers do not become unemployed.
Now buyers are increasingly investing online. As a result, there is a need to change the mindset of the owners so that the products can be delivered to the domestic market via small online deliveries.
In addition to meeting domestic demand, importance should also be given to the export of high value products. The authorities have to take proper decisions in the interest of the people and implement them in this regard.