Bangabandhu industrial award policy amended

The industries ministry has brought changes to the Bangabandhu Sheikh Mujib Industrial Award (BSMIA) Policy in order to align it with the government's visions and plans, including the Sustainable Development Goals 2030 and the Vision 2041, and meet the challenges of the fourth industrial revolution. 

The ministry issued a gazette notification on March 12 and the new policy will replace the one unveiled in 2019.

The government introduced the BSMIA in 2019 to encourage the public and private sectors to accelerate industrialisation by implementing the government's visions and plans. It was aligned with Vision 2021 and Vision 2041.

Officials of the industries ministry said slight changes have been brought in order to put in place a policy that is in line with the government's target and vision. All basic clauses have remained unchanged.

The new policy has emphasised product diversification, manufacturing of import-substitute products and creativity.

It encourages innovative industrial initiatives than conventional industries to produce technology-based products in line with the demand in the local and international markets.

Like the previous policy, the new policy encourages entrepreneurs about market management, export growth and total quality management. It has also given preference to setting up of effluent treatment plants with a view to encouraging the establishment of eco-friendly industries.

The policy includes seven categories: large, medium, small, micro, cottage, handicrafts, and any entrepreneur or organisation engaged in the hi-tech industries that contribute to the industrial sector.

The winners will be identified as per the definition of the National Industrial Policy.

Twenty-one industrial enterprises, three in each of the seven categories, will be awarded every fiscal year. Interested business establishments will have to apply for the recognition.

A committee headed by the joint secretary of the industries ministry will prepare a primary list of the potential winners after receiving applications. The evaluation committee headed by the industries secretary will pick the eligible candidates.

The candidate finalisation committee headed by the industries minister will nominate applicants for the award.

The prize money has been kept unchanged in the new policy.

The first prize winner will receive Tk 3 lakh, a gold crest of 25 grammes, and a certificate. The second prize recipient will get Tk 2 lakh, a gold crest of 18 grammes, and a certificate, and the third prize winner will be given Tk 1 lakh, a gold crest of 15 grammes, and a certificate.

The first "Bangabandhu Sheikh Mujib Industrial Award 2020" was conferred in October last year, marking the birth centenary of the Father of the Nation.