Bloated business based on criminal practices

Nilratan Halder | Published: November 05, 2023 19:46:15

The government's appeal and order for arresting prices of essentials fell on deaf ears. Instead of complying with the rates the government fixed for some sensitive commodities of everyday use, businesses have gone for hiking the prices on lame excuses. Prices of some essentials such as onion have been pushed to an astounding level ---in case of onion more than double the fixed prices.
Now the question that begs for an answer is, if the trade circle is more powerful than the government. Retailers dare not make an atrocious profit. It is the wholesalers who do the trick unilaterally. When the natural demand-supply system is distorted to make undue gains, it does not even conform to the free-market economy. It is an outright crime. That such manipulative means are punishable by laws is highlighted by the fines imposed on two of the 'big fours', egg producing companies that is. The scam over egg does not end here. Disdainfully rejected, the government-recommended price of egg is a classic case of could-not-care-less attitude and doing exactly the opposite of what is reasonably expected of corporate houses. The manipulators of market are the last persons to take order even from the government. Money power prevails ---and does so in the most immoral and cruellest of manners.
Free market gives a free rein to businesses but on condition that they do not misrepresent products, their quality and stocks in order to create artificial crises and make outrageous profit. If any business entity is found to have breached what is called business ethics, it is liable to be punished under the law of the land. Clearly, traders, not farmers to be sure, of onion and potato are guilty of artificially raising prices of the farm produce in defiance of the government order. This is why the unpleasant question ---whether unruly business coteries are more powerful than the government ---arises.
In the face of such instances of repeated non-compliances, the government responses have been timid if not ludicrous. Its counteractive as against preemtive and proactive response has helped the situation go from bad to worse. The move to import egg has been a total disaster. Now, how far the initiative for import of potato at this late stage will have a positive impact on market is doubtful. Import is useful when a commodity is in short supply but if there is no genuine crisis but one that is created resorting to intrigues and at that point the bull is not taken by the horns, the authorities only expose their weaknesses.
Soft-paddling cannot be an answer to such mischievous manoeuvring with the market so that it gets heated up abnormally allowing businesses to swindle consumers' money in broad daylight. Onion, egg and potato are in abundant supply in the market. Traders just raise the price tags whimsically. If the government moves are not meant to playing to the gallery, it should have demonstrated steely nerves to contain the volatile market. All its tentative moves in the shape of damage-control measures have fallen flat giving the impression that it is less serious about protecting the interests of the common people than those of the businesspeople.
Even in the freest of free markets, USA, tech giants like Apple, Google, Facebook and Amazon are to testify before the Congressional committee on charges that they go for market monopoly by eliminating competitors to dictate terms. Why not give parliamentary committees power enough to summon business entities suspect of manipulating market for hearings?
Common people have every reason to feel they have none to defend their cause and this discontent ahead of the national election does not augur well. Business bosses may have money, common people have the power of numbers and number counts when it comes to voting, provided that the exercise is done in a free, fair and enabling environment.
nilratanhalder2000@yahoo.com