Tajnin Sultana Sumi
Famous Fashion House, Gaibandha
Purnota Manager, SME Division
"When I started the business, my dream was to send my daughters to good schools. I feel humbled knowing that more mothers are now able to afford schooling for their children through my business."
- Tajnin Sultana Sumi
In 2011, Tajnin Sultana Sumi- started her business- Famous Fashion House in Gaibandha with just BDT 8000 and big dreams of bringing up her daughters well. In 10 years’ time, Famous Fashion House now employs over 600 women and Hijras from neighbouring Char area- engaged in making of the hand-embroidered dresses that are sold across the country and also making their mark abroad. Financial independence has created pathway for Tajnin Sultana Sumi to many forums and platforms, where she actively advocates on the hurdles women entrepreneurs often face.
RESILIENT TURN AROUND OF SMES FROM THE ADVERSE IMPACT OF COVID-19
Recovery of the SME Sector: An Essential for Ensuring Economy’s Overall Survival
Like in most other nations, the outbreak of the COVID-19 pandemic was unprecedented and shook the Bangladeshi economy. One of Bangladesh’s most prominent industries, the fisheries and livestock industry, employing about 70% of the individuals in the rural areas was struck hard. The dairy farmers also lost around BDT 189 million daily during the lockdown. The disruption of activities in the transportation industry, broke down the supply chain of the construction industry as shipments were delayed. Traders could not operate for two months, causing the price of construction materials fell significantly. Similarly, the fixtures and furniture industry, which employs the second highest number of workers in the country after the RMG industry, lost 70% of its business due to the pandemic, causing 0.60 million worker to be laid off. The non-allopathic or alternative medicine industry on the other hand is one of the few industries to make profit from the pandemic as people turned to Ayurvedic products, Naturopathy and Yoga to boost their immunity. At the same time the demand for Homeopathy medicine saw a sharp rise as people visited Homeopathic practitioners to treat any symptom related to COVID-19.
On the other hand, disruption of activities in the food and food processing industry, resulted in decreased sales for super shops and local vendors, while online sales saw a huge surge. At the same time the price of important staples rose by 15-20%. The local textiles industry faced losses due to an increase in price of raw materials. The light engineering sector, like most other sector also suffered a huge loss as 90% of the workshops were forced to shut down. The situation improved for most business once the lockdown was lifted, with many business recording higher profits than the previous years. The government’s stimulus package worth BDT 5000 crore also fastened the recovery process.
Sushmita Saha
Assistant Manager
IDLC Finance Limited