A REPORT published in a national daily on Friday said, the kitchen market has become volatile and it may jump further before the ensuing Holy Ramzan and may eventually go out of the government’s grip. A section of corrupt businessmen are trying to increase the price of essentials by creating a simulated supply crisis. We are agonized as the government’s routine assurance is seemingly ritualistic and composed of rhetoric considering the ground reality. The market situation needs effective remedial measures.
Reasonably, demand of some essentials rise in Ramzan and the corresponding rise of prices is natural, but the price index mysteriously increases manifolds and the reasons are never sought out. Some dishonest profit mongers are liable for this unjust price escalation. Their heinous attitude of hoarding, making artificial supply shortfalls and driving for high profits are responsible for such hikes. Moreover, failure of the government control mechanism functionaries, their indulgence in corruption and the very policy to control the market through TCB (Trading Corporation of Bangladesh) are some other causes for the swelling of the price in Ramzan. We feel that the government has no business to be in business. They are to work as an effective (also efficient) watchdog.
What is more important is to develop a mechanism to a year wise, including the Ramzan month, demand-production-short-fall-import requirement data base of all essential commodities for the country as a whole and then keep a watch on the actual demand-supply situation prevailing in the market. Accordingly, there should be adequate market intelligence supports to oversee the ground realities, watch on the defaulters and act upon them decisively and promptly to hold the situation under control.
The policy to involve TCB in regulating the market, particularly during Ramzan, has repeatedly failed in the past. For example, TCB imported huge edible oil stocks last year but did not sell the stock. It allowed private importers to manipulate the market. TCB later sold that very stock at lower cost to hoarders, thus causing huge losses to the public exchequer. Similarly, TCB invited tenders through private business houses to import other essential items and spoiled time without receiving any shipment. Later the bid was aborted but the people suffered much and paid back in higher prices caused due to TCB’s mishandling of the market situation.
There is always a nexus between big businesses and powerful political quarters. When the importers and hoarders are given protection the market monitoring mechanism is destined to collapse and the buyers have to end up paying heavily. Thus the government’s market intervention policy, so far adopted, has proven to be erroneous. We again repeat our view that the government has no business in business and the best option for the government is to play the role of a watchdog, not that of a regulator.
We hold the view that any measure to stabilize supply and prices of essentials during Ramzan must be serious and not part of an eye-wash to befool the nation. Illegal hoarders must be under watch and the violators booked.
