Developing a private sector led industrial base

Abstract

Prof. Dr. M. Azizur Rahman emphasizes that the private sector is the cornerstone of any economy, acting as the primary engine for job creation and economic growth. The author argues that while the public sector serves as a caretaker, the true essence of an economy lies in private initiatives, entrepreneurs, and Small and Medium-sized Enterprises (SMEs), which are essential for poverty alleviation. Rahman advocates for the principle of "minimum government intervention," citing the United States as a successful example of a "country of small government" compared to India, which he describes as a "big country of big government". The article concludes that for Bangladesh to thrive, the government should act solely as a facilitator, ensuring a smooth environment for the private sector to maximize productivity and consumer satisfaction.