Why is there no control over the market?

The market system in Bangladesh is a constant source of frustration for many, as prices often increase with no clear explanation. Unscrupulous traders exploit situations like transportation issues, low supply, or religious festivals to destabilise the market.

Despite frequent calls for regular market monitoring, full implementation remains elusive. The involvement of influential individuals, including political leaders, often impedes effective regulation. Additionally, a manpower crisis hampers consistent market oversight, enabling some businessmen to manipulate prices through syndicates.

Essential items such as chicken, eggs, vegetables, rice, onions, garlic, and ginger have all seen significant price hikes in recent times, adversely affecting the poor and middle class. The skyrocketing price of potatoes, now at 60 taka, has particularly strained these groups, given the vegetable's popularity and essential role in daily diets.

In these circumstances, the relevant authorities must quickly investigate the reasons behind such price hikes and communicate their findings to the public. If price increases are found to be unreasonable and driven by syndicates, the culprits should be promptly apprehended and prosecuted. Historically, when prices rise, authorities initially remain unaware but react after media coverage, imposing fines on some traders before disappearing from the scene. They often cite manpower shortages as the reason for their inability to maintain continuous and comprehensive monitoring.

After decades of independence, the question arises: why haven't we been able to recruit sufficient manpower for market monitoring? Our markets are rife with unscrupulous traders, swindlers, profiteers, and middlemen. Shouldn't the relevant authorities act to curb their activities? Establishing a permanent market monitoring system would be beneficial, allowing for better regulation and easing the government's burden of market oversight.

By setting up a permanent 'Market Monitoring Organisation,' the government would have a powerful tool to regulate the market system, benefiting the public. If this body operates effectively nationwide, unscrupulous traders will find it difficult to manipulate the market. We hope the government will take swift and decisive steps to stabilise the country's market system.

Mehedi Hassan

Student

North South University