The Financial Express (FE), Bangladesh's first English-language business daily, is entering its 32nd year of publication today in an entirely different domestic political and economic context.
An authoritarian regime that had imposed itself on a democracy-loving nation for over a decade and a half collapsed in the face of a student-people upsurge of unprecedented nature.
The FE, on this occasion, pays glowing tributes to those who had made supreme sacrifices and got maimed for life in their fight against a fascist administration.
With an interim administration at the helm of statecraft, the much-sought-after freedom of expression is back, and the media is enjoying unfettered independence. The Council of Advisers of the interim government has already decided in principle to scrap the Cybersecurity Act, enacted by the immediate- past government with the sole objective of gaging the press and curbing free speech. Thus, one of the critical demands of the journalists is about to be met by the interim government. We hail the move.
However, under the prevailing circumstances, the very existence of the print media is now under threat. The inroad of digital media is one reason, no doubt. Some other fiscal reasons, such as the higher rate of VAT on newsprint imports, AIT and the imposition of maximum corporate-tax rate, and lack of upward revision of government advertisement rates in more than a decade, have been hurting the newspaper industry deeply. The immediate-past government had promised to look into the issues troubling the newspapers but did nothing tangible to improve the situation.
Because of the mismanagement and plunder of national resources, banks' money worth billions of dollars in particular, by leaders and cronies of the Hasina regime, the country's economy is in dire straits. High inflation, a crisis of the greenback, a squeeze on imports, a decline in credit growth amidst rising lending rates etc., are a few major sore points of the economy.
The private sector, too, needs help. Its activities have been at low ebb in recent years because of the declining demand for goods and services. The crisis of the greenback and the shortage of gas and electricity are also holding many industries and firms from running in total capacity. They have been forced to cut back on the cost of operations, and for that, preferred areas remain CSR and promotional activities. Such a cut hurts the newspapers, among others.
The government of the day is busy putting the most national institutions and systems in order through necessary reforms. All sensible citizens want to see it succeed in its mission. Given the important role of the print media, the interim administration, hopefully, will take measures to strengthen it.
During the past three decades, the FE has been fortunate to receive unwavering support and patronage from its valued readers, contributors, patrons, well-wishers, advertisers, and other relevant parties. With such support, it has weathered many odds in the past. The paper is confident of continuing its future journey unhindered and meeting the expectations of the readers and patrons even better.
