Bangladesh's Fast Fashion Industry Faces Uncertain Future Amidst Political Turmoil

- The night before **Sheikh Hasina** fled Bangladesh, her **army chief**, **Gen. Waker-Uz-Zaman**, decided troops would not enforce a **curfew** by opening fire on civilians, according to two **serving army officers**. - **Gen. Waker-Uz-Zaman** informed Hasina that the army could not implement the **lockdown**, signaling she no longer had their **support**, as confirmed by an **Indian official**. - Details of the **military's decision** and the message to Hasina have not been previously reported, shedding light on the **chaotic end** of her **15-year rule**. - The **nationwide curfew** followed **deadly clashes** that killed at least **91 people**, the **deadliest day** since **protests began in July**. - Hasina fled to **India** on Monday, with her departure facilitated by **Indian officials**, amid **escalating protests** and **loss of military support**. Source: [Reuters](https://www.reuters.com/world/asia-pacific/bangladesh-army-refused-suppress-protest-sealing-hasinas-fate-2024-08-07/)

- Bangladesh’s Supreme Court has significantly reduced government job quotas that had sparked widespread protests and violent clashes, resulting in over 100 deaths. - The court's decision overturns a lower court ruling that reserved about a third of public sector jobs for descendants of 1971 independence war veterans. - The quotas, seen as favoring Prime Minister Sheikh Hasina’s loyalists, were reinstated last month but faced strong opposition from university students and the public. - The Supreme Court now mandates that 93% of government jobs be awarded based on merit, addressing public anger over economic distress and inequality. - The unrest has led to a heavy-handed crackdown by security forces, including shoot-on-sight orders, curfews, and communication bans, drawing criticism from international bodies like Amnesty International. Source: Financial Times

The recent political instability in Bangladesh has significant implications for India, given the close geographical, economic, and cultural ties between the two countries. Here are some key points to consider: 1. Economic Impact It can disrupt trade and economic relations as Bangladesh is our largest trading partner in the Indian subcontinent with trade worth of $14.2 billion with balance of trade in India's favor. Any disruption can affect businesses, supply chains, and economic stability in the region. 2. Security Concerns It may lead to the rise of radical elements and cross-border tensions. This can impact India’s border security and necessitate increased vigilance and resources to manage potential threats over 4000 km of land border. 3. Refugee Influx Political turmoil often leads to displacement of people. India may face an influx of refugees from Bangladesh, which can strain resources and create humanitarian challenges and also changes the demographic pattern of the region. 4. Geopolitical Dynamics Bangladesh’s strategic position and its ties with China add complexity to the situation. As it may add a pearl to the China's String of Peral policy. 5. Diplomatic Relations India has historically had strong ties with Sheikh Hasina’s government. The new government may have different priorities and policies, requiring India to adapt its diplomatic strategies. 6. Regional Stability Overall, the stability of Bangladesh is crucial for the broader South Asian region. Instability can have a ripple effect, impacting neighboring countries and regional cooperation initiatives. India will need to carefully monitor the situation and engage in diplomatic efforts to support stability and maintain strong bilateral relations with Bangladesh.

- The mobs opposed to Bangladesh’s deposed leader Sheikh Hasina are looting and rioting across the country, targeting facilities and leaders of Hasina’s Bangladesh Awami League (BAL) as well as minorities. - At least two Hindu councillors have been killed, and attacks on temples and houses of Hindu commonfolk have been reported. The violence has been fueled by the pro-Pakistan Bangladesh Nationalist Party (BNP) and Islamist Jamaat-e-Islami. - The agitation began as a student-led protest against the quota system but escalated into a mass movement against Hasina’s 15-year rule, climaxing on Sunday with nearly 100 people killed. Hasina resigned and fled the country on Monday. - Religious centres of the Hindu movement ISKCON and temples of goddess Kali have been attacked. In Meherpur, an ISKCON center was burnt, and deities were destroyed. In Noakhali, mobs attacked Hindu houses. - Student protest leader Prapti Taposhi highlighted the ongoing violence against Hindus, criticizing the military for not protecting the minority. There are concerns that with Hasina out of the picture, the persecution of Hindus could massively increase. Source: First Post

- Bangladesh Prime Minister Sheikh Hasina has resigned and is reportedly heading to Delhi, India, after violent protests in her country. - The Army Chief confirmed her resignation and announced the formation of an interim government to address the economic crisis caused by the unrest. - Hasina departed from Bangabhaban on a military helicopter with her sister, Sheikh Rehana, and is expected to land in Delhi at 5 pm. - India's Border Security Force has issued a high alert along the India-Bangladesh border, and all train services between the two countries have been canceled. - The protests, initially sparked by student groups against job quotas, escalated into a movement demanding Hasina's resignation, leading to nearly 300 casualties. Source: https://www.businesstoday.in/world/story/bangladesh-pm-sheikh-hasina-quits-from-her-post-after-armys-45-minutes-ultimatum-amid-protests-440176-2024-08-05

- This week’s student protests in Bangladesh against government job quotas have turned deadly, with at least 105 people killed. - Dhaka Medical College Hospital reported 52 deaths in the capital on Friday, amid widespread telecommunications disruptions and TV news blackouts. - Protesters stormed a jail in Narsingdi, freeing inmates and setting the facility on fire, while police struggled to control rallies in Dhaka despite a ban on public gatherings. - Dhaka police reported that protesters torched and vandalized numerous police and government offices, including the state broadcaster’s headquarters. - The protests, driven by opposition to a quota system favoring certain groups, have led to calls for Prime Minister Sheikh Hasina’s resignation and accusations of government misuse of power. Source: The Hindu

- Muhammad Yunus, Nobel laureate and microcredit pioneer, has been appointed head of Bangladesh's interim government following the ouster of Prime Minister Sheikh Hasina. - Despite his non-political stance, Yunus is seen as a stabilizing figure due to his integrity and global connections, including ties with Western elites like Richard Branson and the Clintons. - Bangladesh is in chaos with violent clashes resulting in over 300 deaths, and Yunus's leadership is expected to restore normalcy. - Yunus has faced numerous legal battles, which he claims were politically motivated, and remains focused on social business and poverty alleviation. - The regional implications of Bangladesh's unrest are significant, with Yunus warning of potential destabilization and refugee influxes in neighboring countries. Source: [Business Today](https://www.businesstoday.in/world/story/i-am-not-a-politician-can-muhammad-yunus-banker-to-the-poor-pull-bangladesh-out-of-the-mess-it-is-in-440460-2024-08-07)

Everything seems to indicate that this is the beginning of an extended bullrun till the elections. What is the game plan? Personally, I am all in. First time since 2020, that I have a net zero cash position.

- Prime Minister Narendra Modi has been briefed on the Bangladesh situation by Foreign Minister S Jaishankar. There is no word yet if Mr Modi will meet Mrs Hasina. Congress MP and Leader of the Opposition Rahul Gandhi has also spoken to Mr Jaishankar. - Sheikh Hasina, who fled her Dhaka residence shortly before it was overrun, has landed at the Hindon Air Force base in Uttar Pradesh's Ghaziabad, which is 30km from Delhi. Mrs Hasina was received by National Security Advisor Ajit Doval. - In India, the Border Security Force is on high alert. India shares a 4,096 km border with Bangladesh, across which travel has been stopped; the Railways and Air India have cancelled trains and flights. Meghalaya has ordered a 12-hour night-time curfew from 6 pm within 200 metres inside Indian territory. - Earlier today, after Mrs Hasina resigned, Army chief General Waker-Uz-Zaman said the military will form an 'interim government' and urged protesters to stand down. He promised to protect life and property and fulfill demands. - Chaos erupted this morning after protesters stormed Gonobhaban, the PM's Dhaka residence. 100 people were killed and over 1,000 injured in clashes between police and protesters. The protests began over a quota system for government jobs and escalated into a wider anti-government movement. Source: NDTV