In one of the most densely populated nations on earth, food security naturally is of utmost importance for Bangladeshi policymakers. For many years, national policymaking has been geared towards industrialisation out of the feeling that it would better serve employment generation and help attract a greater volume of foreign direct investment (FDI). There is no denying that such policies have paid off and the country has emerged as a global industrial powerhouse in textiles and apparel. This transformation has largely helped the country cut its poverty rate by half in a matter of three and a half decades. However, alongside industrialization, agriculture has taken giant steps in modernisation and crop diversification despite a declining share of the sector in the country's Gross Domestic Product (GDP).
Prudent policy measures have helped the country reap the benefits for the people as Bangladesh has emerged as a country that can largely feed its burgeoning population and that too at a time when the size of the arable land has been shrinking. As the country is now in the process of belt-tightening, the need for greater budgetary spending on agriculture has arisen where systemic hurdles stifle further improvement. These matters came up for discussion at a seminar organised recently by the Bangladesh Institute of Development Studies (BIDS). Discussants reviewed the current state of four key components--- crop pricing, cold storage facilities, water management and climate change adaptation and made necessary suggestions.
Experts have rightly pointed out the importance of pricing, preservation infrastructure, and water availability as key drivers for making agriculture resistant to climate-induced changes. They also suggested building a supply chain that will reap benefits for producers and consumers alike. In today's financial climate, policymakers must recognise that the sector needs to transition from subsistence farming to commercial farming, given the market demand. It is thus imperative for the government to attach priority to agriculture as far as the allocation of resources in the upcoming budget is concerned. The basic target should be to maximise local food production to reduce reliance on imports.
Because imports cost precious foreign exchange that is in short supply these days. Besides, the funds thus saved could be better spent on importing other essential goods that Bangladesh does not produce.
While most of the major discussion in media is about prioritising the export basket for finished products, agriculture too needs diversification of its produce. In fact, the sector is not simply a means to an end to provide food security; rather it is a major driver of economic growth. It is also necessary to ensure the use of underutilised lands in coastal belts and Sylhet regions to boost agriculture production. Such models exist in other countries and lessons need to be drawn from them on what works and what doesn't in an age where changing climate is playing havoc with traditional methods of agriculture production. There was a time when Bangladesh was emerging as a major exporter of agricultural produce but a lack of effort to set up facilities to conform to international standards has stifled this trend. All these proposals deserve consideration for inclusion in the upcoming budget as agriculture is one sector that is performing well. With the right kind of fiscal and technological support, it has all the potential to do much better.
© 2024 - All Rights with The Financial Express
