Checking market monopolies

Our country is not lacking in laws; the deficit lies solely in their proper enforcement. Several stringent laws exist to control the prices of essential commodities and break market syndicates. Among them, one of the most prominent is the Special Powers Act, 1974. Under Section 25(C) of this Act, there are provisions for life imprisonment or even the death penalty for hoarding and black marketing. Furthermore, the Consumer Rights Protection Act, 2009 provides for fines against charging excessive prices or creating artificial shortages in the market. Similarly, the Competition Act, 2012 allows legal action against monopolistic practices and market syndicates. In addition, various provisions of the Penal Code prescribe punitive measures against anti-social activities and those who destabilise the market of essential commodities. Article 15 of the Constitution places a responsibility on the state to ensure the provision of basic necessities such as food, clothing, shelter, education, and medical care. Failure to fulfil this obligation amounts to a breach of the state's constitutional commitment.

Ordinary citizens must ultimately take the driver's seat in this unequal struggle against market syndicates. In an independent state, the Constitution explicitly guarantees the people's right to survive with dignity and breathe a sigh of relief. The days of allowing a select few to enrich themselves at the expense of the masses must come to an end. If the public stands united, the artificial walls built by market syndicates will inevitably crumble into dust.

Md Bayazid Sheikh,

A legal researcher