Father of the Nation Bangabandhu Sheikh Mujibur Rahman started rebuilding the war-ravaged Bangladesh immediately after his return home from the Pakistan’s jail and successfully overcame the challenges that were deep-rooted into both economic and non-economic sectors of the newly independent country.
According to some major publications and newspaper reports on Bangabandhu, the major challenges in the economic front were the need for mobilizing adequate internal and external resources, rebuilding infrastructures, rehabilitating thousands of people who lost everything in the war; and reviving the financial, industrial and business organisations. Ensuring security, good governance and establishing effective diplomatic relations with countries across the world were among other challenges in the non-economic sector.
The economic challenges in Bangladesh turned worse as the Pakistani occupation force with its beastly intension deliberately destroyed the country’s infrastructures at the fag-end of the War of Liberation, so Bangladesh cannot stand erect for its economic emancipation after the independence.
The Ministry of Information in a souvenir published on the first Victory Day in 1972 recorded that more than 300 rail-bridges and 300 road-bridges were destroyed during the war. The entry to the Chittagong Port was shut by destroying and abandoning wreckages of 29 ships. The channel of the country’s prime port was also made unusable with planting mines by the fleeing Pakistani army. They also burned down the cash and gold reserve in the central bank before surrender while industrialists of West Pakistan siphoned off nearly Taka 800 crore from this country to make the new born nation penny less.
The souvenir also noted that the cumulative financial loss to the nation caused by the destructive activities of the Pakistani occupation force was over Taka 1200 crore, including the loss of Taka 376 crore in the agriculture sector alone.
Amid this weak state of economy, some newly formed groups were trying to destabilize the political situation and creating social disorder to fulfill their ill motives. Bangabandhu, however, warned them in his strong voice, and at the same time started rebuilding the nation by taking up lots of development programmes and policy initiatives. The Bangladesh Observer on January 15, 1975 in a front page report said that Bangabandhu outlined his plan for a new economy, prioritizing relief and rehabilitation. The Dainik Bangla on January 26, 1975 reported that Bangabandhu announced a special allocation of Taka 30 crore for the homeless people.
A plan was also taken up in June 1972 to construct 1.66 lakh houses for the freedom fighters and the women, children and others who lost everything during the war.
In the same year, his government announced the first national budget of over Taka 500 crore, allocating the highest amount for the agriculture sector followed by education and social welfare.
Lifting duty on fertilizer and baby food and slashing tax on cotton yarn and water pump were also two major steps in the budget which was titled as the budget for reconstruction. No tax on fertilizer and baby food supported farmers and ensured supply of healthy food for children. Lower tax on cotton yarn was also for keeping prices of clothes within the reach of common people.
In line with the budget, the country’s first fifth five year plan with Taka 4,455 crore was also announced in the following year at the special initiative of Bangabandhu.
Besides this fiscal measure, the government under the leadership of Bangabandhu started reconstructing some big bridges, power stations and telephone exchanges for restoring communication and power supply which were critical to revitalizing the country’s economy.
