Developing a private sector-led industrial base

Abstract

The article "Developing a Private Sector-Led Industrial Base" by M. Azizur Rahman advocates for a robust private sector as the primary driver of economic growth, job creation, and poverty alleviation in Bangladesh. The author contrasts the roles of private and public sectors, emphasizing that while both are complementary, the private sector—comprising SMEs, entrepreneurs, and informal enterprises—should dominate due to its efficiency in employment generation and GDP growth. Highlighting Bangladesh’s reliance on private-sector employment (e.g., garments, multinational firms), the piece argues for minimal government intervention, drawing parallels to the U.S. model of a "small government" that supports private enterprise through infrastructure and policy frameworks rather than direct control. The article stresses that economic development, beyond mere GDP growth, requires private-sector-led productivity, investment in human capital, and consumer satisfaction, with the public sector playing a limited, supportive role.