Publish : 21 Nov 2021, 12:35 AMUpdate : 21 Nov 2021, 12:35 AM
Prime Minister Sheikh Hasina is within reason in expecting the public to understand that the government can only do so much to subsidize fuel, and in particular, diesel prices.
With Tk23,000 crore subsidy provided to only diesel every year, it is indeed a significant amount. It is also true that, in the long run, subsidies cannot be the solution, and Bangladesh will have to comply with what the global prices are.
It is important to remember that, at this point in time, Bangladesh is a developing country with aspirations to be much more. We intend to become a full-fledged middle-income economy this decade, be a flagbearer for the Sustainable Development Goals by 2030, and in our most ambitious goal, beat the middle-income trap that so many nations have fallen into and become a developed nation in the next 20 years.
As we climb the economic ladder, so will the certain benefits that exist from being a developing country, diminish. To that end, moving away from government interventions, be they in the form of subsidies, state-owned entities, etc and instead, investing in strengthening our industries and institutions so they are self-sufficient is the best course of action if we are to reach our goals.
However, it is also important to be realistic and remember that such a goal remains some distance away. Bangladesh, much like the rest of the world, remains in the middle of a global pandemic, the likes of which we have not seen in a century. As nations across the planet are involved in pandemic recovery, governments have an obligation, more than ever before, to do what is right for the general public. A general public which has undergone, and continues to undergo, untold suffering.
Furthermore, while subsidies are certainly not the long-term solution, for the Bangladesh of 2021, they remain a necessity. Ultimately, as we make our way out of this pandemic, we hope that the government takes its decisions with thorough consultation from every relevant stakeholder, but above all, remember the suffering of the people over the past almost two years, and exercise its judgment to do what is best for the public.
ED: Doing what's best for the people
Prime Minister Sheikh Hasina is within reason in expecting the public to understand that the government can only do so much to subsidize fuel, and in particular, diesel prices.
With Tk23,000 crore subsidy provided to only diesel every year, it is indeed a significant amount. It is also true that, in the long run, subsidies cannot be the solution, and Bangladesh will have to comply with what the global prices are.
It is important to remember that, at this point in time, Bangladesh is a developing country with aspirations to be much more. We intend to become a full-fledged middle-income economy this decade, be a flagbearer for the Sustainable Development Goals by 2030, and in our most ambitious goal, beat the middle-income trap that so many nations have fallen into and become a developed nation in the next 20 years.
As we climb the economic ladder, so will the certain benefits that exist from being a developing country, diminish. To that end, moving away from government interventions, be they in the form of subsidies, state-owned entities, etc and instead, investing in strengthening our industries and institutions so they are self-sufficient is the best course of action if we are to reach our goals.
However, it is also important to be realistic and remember that such a goal remains some distance away. Bangladesh, much like the rest of the world, remains in the middle of a global pandemic, the likes of which we have not seen in a century. As nations across the planet are involved in pandemic recovery, governments have an obligation, more than ever before, to do what is right for the general public. A general public which has undergone, and continues to undergo, untold suffering.
Furthermore, while subsidies are certainly not the long-term solution, for the Bangladesh of 2021, they remain a necessity. Ultimately, as we make our way out of this pandemic, we hope that the government takes its decisions with thorough consultation from every relevant stakeholder, but above all, remember the suffering of the people over the past almost two years, and exercise its judgment to do what is best for the public.
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