Exemplary punishment can discourage market syndicate: Kholiquzzaman

Those who have manipulated edible oil prices, no matter how powerful they are, should be brought to justice, said Qazi Kholiquzzaman Ahmad, eminent economist and chairman of Palli Karma-Sahayak Foundation (PKSF).

Even if only a few culprits are given exemplary punishment, it will discourage others to resort to irregularities such as market manipulation, he added at a debate programme organised by Debate for Democracy (DFD) at Bangladesh Film Development Corporation (FDC) on Friday.

"Some greedy and dishonest traders are increasing the prices of commodities by hoarding them unethically and creating syndicates. As a result, they are causing misery in public life.

"Even though the global situation is said to be responsible for the rise in commodity prices, a lack of good governance, inefficiency and a lack of coordination among government agencies are also responsible for the price hikes."

Mentioning that Bangladesh has the fastest growth in the number of rich people, but the tendency of the rich to pay taxes is lower, resulting in an increase in the amount of domestic debt, which can lead to a long-term economic crisis.

The number of poor in the country also has increased, but the policymakers are not acknowledging it, he said pointing at the widening gap between rich and poor, adding, "Denying a problem makes it harder to solve."

Debate for Democracy Chairman Hassan Ahamed Chowdhury Kiron presided over the programme.

He said global commodity prices are skyrocketing in the wake of the Russia-Ukraine war and unscrupulous traders are busy taking advantage of the situation.

As prices are going beyond the purchasing power of the common people, middle-class people alongside those from the lower strata of society are flocking to the TCB trucks selling essentials at subsidised rates.

"The crowds in front of TCB trucks might seem like scenes taken from a movie based on a famine concept. Even though the country's GDP has increased, people from all walks of life are not getting the benefits. The rich are getting richer, the poor are getting poorer."

The market system in the country is not consumer-friendly, he pointed out.

"Although paddy output is promising in the country, the price of rice is not decreasing. Prices of fish, meat, and other daily necessities are going beyond the people's purchasing power. If we cannot increase the purchasing power by reducing income inequality, people will not be able to meet their needs even if there are products available in the market."

In the current context of the country, at least 20 million families should be issued ration cards so that they can purchase products at affordable prices, he added.

The debaters from American International University-Bangladesh (AIUB) defeated the debaters representing Bangladesh Islamic University (BIU) debaters at the shadow parliamentary debate competition.

Professor Abu Mohammad Rais, Journalist SM Morshed, Agriculturist Falguni Majumder, and Journalist Riyad Hossain were the judges of the competition. At the end of the competition, trophies and certificates were awarded among the participating teams.