For a long time, the existence of the Padma Bridge had only been a dream. But today, we are at the precipice of that dream becoming a reality. There had been countless speculations regarding the positive effects of Padma Bridge but how influential will it really be? Continuing on from the previous part of our two-part series discussing its impact, we’ll be looking at two more aspects – the economy and the standard of living – where the effect of Padma Bridge will be greatly felt.
Effect of Padma Bridge on Economic Growth
One significant effect of Padma bridge is undoubtedly going to be on the agricultural sector. The rise in communication will lead to a higher number of economic activities. There will be more opportunities in the rural areas, which will eventually transform the rural economy. And agriculture is one of them. Improved connectivity will facilitate farm activities like vegetable production along with other non-farm activities.
According to the Social Accounting Matrix, employment levels will surge up to 10.2% in the rural areas. Laborers will finally get a raise in their salary and farmers will receive higher and better prices for their produced goods. Here, in order to strengthen the workforce can lay out concrete plans of training and forming skilled manpower to meet the demand for both local and international businesses. This will eventually give a boost in GDP growth rate as well. Already Bangladesh had a 4.4% GDP in 2020, which is expected to reach 8% by the year 2022.
Around one-fifth of Bangladesh will be connected through the establishment of the Padma Bridge. The increasing number of business activities will boost the trade and attract a lot of tourists between Bangladesh and other countries, mainly India. Besides, the strong connectivity and increased trade in the port will further strengthen the financial scenario of the country. As per experts estimation, after the establishment of the Padma Bridge, Bangladesh GDP is likely to gain by 1.3% to 2%.
Mongla port has even witnessed a surge in export-oriented industries. A few number cement companies already commenced their operation in the Mongla port as well. The three major divisions which will enjoy the benefits from the establishment of Padma Bridge are Dhaka, Khulna and Barisal.
Besides, ADB study stated that by the year 2022, 24000 vehicles will cross the bridge consisting of 8238 buses, 10244 trucks and 5000 microbuses on a daily basis. This number will increase eventually, reaching up to 36785 in 2030 and 51807 by 2040. This will be a great opportunity for the government to raise their revenue from the vehicles for the port related and road related transport facilities.
Social Growth and Better Standard of Living
Development in the social domain is another significant effect of the Padma Bridge. The improvement in the social side will also ensure a better standard of living in that particular region. According to economists, employment generation and alleviation of poverty are going to be the two vital sides which will be addressed through the construction of the Padma Bridge.
The southwest region has one of the highest poverty rates. It has been estimated that 0.84% poverty will get reduced and extremely poor regions like Barguna and Pirojpur will highly benefit upon the completion of Padma Bridge. The bridge will also play a huge role in the lives of people residing in Barishal, Satkhira, Noakhali, Khulna, Bhola, Madaripur and Barguna.
Apart from reducing poverty, people will finally get access to better healthcare, education, electricity connections, internet and financing facilities. Up until now, the situation of these major aspects were acute and hopefully the government will succeed to establish all these in a swift manner in order to give those deprived people their deserving rights of living a better life.
Lastly, the land prices are going to rise to a great extent on both sides of the Padma Bridge. Interested individuals belonging from political background, local and foreign industrialists, economists, to even civil members have already started purchasing lands, mostly in areas like Faridpur, Madaripur, Shariatpur, Bagerhat, Khulna and Gopalganj. All in all, high demand for land and less travel time will contribute to the commercial and tourism scene of Bangladesh in the long run.
Infrastructure is developed to improve the lives of the people and the growth of community; and the effect of Padma Bridge will undoubtedly be felt for generations. A great number of people will benefit from this massive development and the country will prosper further.
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