Businessmen and entrepreneurs are going through a difficult time.
Due to various limitations including capital shortage, high dollar value, high interest rates, import restrictions, gas and electricity crisis, the wheels of the country’s industries and factories have lost momentum for a long time; businessmen and entrepreneurs are going through a difficult time. In the meantime, the environment became very unstable centered on the July Movement.
The law and order situation started deteriorating right after the fall of the Awami League government, which impacted business and trade, thereby forcing them into stagnation. That situation has not yet been overcome, and relief has not yet returned among businessmen. Moreover, more than one hundred goods and services saw an increase in VAT and tax in the middle of the fiscal year, creating new pressure.
Businessmen expressed that such a situation has seen an increase in the prices of gas in the industry, which added to their anxiety even more. They mentioned that if this dying business and trade continues getting one blow after another, the development of the industry will stall and the creation of employment will be affected, which ultimately will have a reverse impact on the country’s overall economy in the long run.
Businessmen say that the industrial sector has been suffering for a long time due to economic and political crises. After the fall of the Awami League government in the student uprising, they expected that business would pick up speed. But since August, law and order have deteriorated, as have various types of unrest including attacks on different industries, factories, and institutions, arson, extortion, and attempts to control ownership. This has resulted in greater losses for businessmen. Businessmen were expecting that the interim government would pursue business-friendly policies in the emerging situation. However, business and commerce are being crushed under one pressure after another.
Abdul Awal Mintu, former president of the apex business organization FBCCI, told our time, “Without political stability, there is no business environment creation.” The people of the country do not understand which way the politics is heading. Now investors wait for the elected government. He believes, whenever the election is held, it needs to have an announcement of some specific roadmap announcements.
President of Bangladesh Chamber of Industries Anwar-ul-Alam Chowdhury said, “New pressure is increasing on business and it will make the manufacturing sector difficult to survive.” He told The Daily Star, “Youth of the country agitated for employment; now there is a need to develop the industry so that employment increases.”. But the policies being adopted will become an obstacle in the way of its development.
As a result, instead of creating new jobs, it will decrease. He further said that such decisions are being taken to meet the targets given by the IMF. The industrial sector cannot be harmed while meeting the IMF conditions. Increasing VAT and tax will reduce industrial production. Which would affect the prices of the products. On the contrary, initiatives are also being taken to increase gas prices in the industry. If that happens, the industrial sector will not be competitive under any circumstances. If the cost of product production is not competitive, then there is no profit in doing industrial factories.
Businessmen say that since the fall of the Sheikh Hasina government, several factories have been vandalized and looted amid various unrests including attacks on industrial establishments, arson, extortion, attempts to control ownership. Many business owners have been charged with murder for not receiving the bribe. Some have even turned personal rivalries into political polarisation and made them accused in cases. Some are being threatened with cases.
Businessmen are passing days in fear in this situation. Some of them have been accused in cases and are in problem, many are in fear of being accused in cases. As a result, some of them have left the country, some have not been to their own companies for a long time even when they are in the country. Many of the people who went abroad for business purposes have not found the situation favorable. In this situation, there are businessmen involved in politics as well as innocent businessmen. As a result, the overall business and commerce of the country have become stagnant. The policies being adopted in such a situation are putting more pressure on the businessmen.
Those concerned say there is a chance that the crisis will turn grave if the panic among businessmen is not alleviated. They are of the view that the ordinary businessmen should be allowed to do business. They should be kept out of harassing cases. At the same time, fear should be removed from them. Otherwise, there will be great damage to the economy. At the same time, a business-friendly environment should be created. This will also attract foreign and local investment as well. Unless the pace of business accelerates, this will directly hurt the economy of that country and thus its revenue collection too.
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