Hiren Pandit: The global economy faces four major challenges, climate change, youth employment, economic development and the search for an acceptable framework for globalization. The newly formed Prime Minister Sheikh Hasina’s government will bring back rules and order in the socio-economic field, curb corruption, bring back relief in market management, and create employment. The education system will create skilled human resources and will have a positive impact on the wider population.
In the last 15 years, Prime Minister Sheikh Hasina has changed the face of Bangladesh, which was once unbelievable and unimaginable. Compared to that, this year’s 11 sectors have been identified and expressed their determination to bring changes. After 52 years, Bangladesh has become known as a model of development. By overcoming all odds. Today, Bangladesh is trying to achieve its potential as an emerging economic power in Asia. Bangabandhu’s ideal of non-aligned movement is moving forward with friendship with all and not enmity with anyone as the main issue of foreign policy.
The economy is also achieving success. Bangladesh’s continued annual growth has surprised economists and world leaders. With this economic growth and emphasis on achieving the United Nations Development Goals, Bangladesh is bringing various positive changes in the society. The government has prioritized 11 issues by promising to build a smart Bangladesh. Creation of employment, keeping the price of goods within the purchasing power, establishing consistency between incomes, keeping the youth and youth society involved in the transformation and development of the country, taking measures against capital smugglers, eliminating bribery and corruption, bringing debt-tax-evasion and confiscating the illegal assets of the corrupt the party promised. Apart from this, agriculture, service, economic and industrial production sectors, ensuring the fundamental rights of third gender people have also been given importance.
We need to create more employment opportunities, providing such employment requires investment in education and strong action to protect workers’ rights. Globalization must be represented by a new understanding, which rebalances national needs and the requirements of a healthy world economy and facilitates international trade and long-term foreign investment.
The change that Prime Minister Sheikh Hasina has been able to bring about in Bangladesh was once unimaginable. Sheikh Hasina has taken over as the Prime Minister for the fourth consecutive term as the head of government. There was criticism about the activities of the ministry, new faces have been brought in all the ministries. This shows that during this term she has entrusted the Ministry of Finance, Commerce and External Affairs to face tough challenges. Apart from this, she also gave special importance to corruption and good governance. Even in the party manifesto published before the elections, it became clear that the government wants to change 11 important issues during this term.
Mentioning the 11 important public challenges, it has been said, control of commodity prices, ensuring employable education and youth employment, building a smart Bangladesh based on modern technology, integrated agricultural system for profitable agriculture, increasing investment in mechanization and processing, expanding industries by taking advantage of visible infrastructure and increasing investment, including banks. Increasing efficiency and capacity in the financial sector, making health care affordable for low-income people, including everyone in the universal pension system, ensuring the effectiveness and accountability of law enforcement agencies, preventing sectarianism and all forms of terrorism, militancy, and promoting the protection and practice of democratic systems at all levels.
The biggest challenge facing the government at present is high inflation. As the prices of most of the daily necessities have increased, the lower- and middle-class people are constantly struggling. Therefore, after the formation of the new government, she gave utmost importance to controlling inflation. Besides industrialization, employment and various reform programs are on the priority list. In the financial sector, there is a major reform initiative in the government’s plan. Less important projects have also been cut in the budget to cut costs. Due to the Russia-Ukraine war in the immediate aftermath of Corona, inflation could not be kept under control.
Apart from this, the increase in money laundering, corruption in various sectors, high defaulted loans and the crisis of foreign exchange reserves are some of them. Controlling inflation has been given utmost importance. The government has really adopted the ‘zero tolerance’ policy of financial sector reforms. There are plans to speed up the activities of other agencies including the Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU). The concerned agencies have already been informed. Besides, there will be maximum efforts to improve relations with all countries through international circles, especially global diplomatic efforts. Peace, harmony and progress of the country should be continued.
Bangladesh has already achieved the status of a developing country. The journey will start from the least developed to the list of developing countries in 2026. As there are challenges, there are also opportunities. The government is now working towards our goal of building a Smart Bangladesh by 2041 through the implementation of Digital Bangladesh. Prime Minister Sheikh Hasina had already taken such a strict stance against corruption and irregularities. A corruption-free administration and good governance is very important to build a poverty-free, hunger-free and sustainable development Bangladesh. She ordered the members of the Council of Ministers, party leaders and officials of the Republic to take strict measures against corruption, and above all the people of the country, called on everyone to build a corruption-free country.
But it is also true, the image of the government can be said to be good in terms of irregularities and corruption in the last 15 years, but it was necessary to be better, the expected success did not come, this time the people are waiting for a corruption-free smart Bangladesh. In order to succeed in the anti-corruption campaign, government and private initiatives must be used simultaneously. But a prerequisite for achieving success in this difficult goal is creating public awareness about corruption. If the ugly face of corruption can be made known in an organized and coordinated way in the life of individuals, society and the state and public awareness can be created about its evils in the public interest, then the country will move forward.
The government is thinking about people’s expectations and these things and making changes. This is what people want to hear from an elected representative government. Wants to see, in the areas where changes are needed, the government is making changes in those areas. The government has to resolve the crisis. The government has started taking steps to address the issues that need to be resolved right after the elections. There are many political, diplomatic and economic challenges ahead. The opinion of the analysts is also similar. Bringing back good governance, order in the economic sector and keeping the macro economy stable. Trade and markets are associated with economy. Reducing the rate of inflation. To maintain the flow of foreign exchange. How to keep the import and export in normal condition, how to increase the tax collection without increasing the pressure on the common people should also be found.
The economic crisis, especially if the commodity prices come within the purchasing power of the common people, the political heat will also reduce a lot. Different countries and human rights organizations of the world express the most concern about human rights. Geopolitics can also be challenged if their concerns can be reduced. Bangladesh will be able to face the challenges in the political, economic and diplomatic fields well. But for this Sheikh Hasina’s government has to be stricter than ever before. The only desire of the people of the country now is to establish effective governance and the desired development will materialize through this good governance. Everyone’s expected dream of Smart Bangladesh will be realized.
Corruption is still a major problem in Bangladesh. In the 2018 election manifesto, the Awami League promised to adopt a ‘zero tolerance’ policy towards corruption, but the government has not seen much success in fulfilling this promise in the last five years. People’s lives are disrupted due to the unbearable increase in the prices of daily necessities worldwide and the dollar-fuel crisis. The global economic system is plagued by multifaceted problems including the Russia-Ukraine and Israel-Palestine wars. It is not possible to think that this crisis will go away soon.
Anarchy can also be seen in the garment industry, which keeps the country’s economy running. Some opportunists try to carry out unwanted activities. One after another, the import and export activities of goods have been severely disrupted. The political instability of the country has brought together crises that have never been faced in the past. That has a negative impact on us. We will not be able to prevent this kind of crisis from outside. We don’t want any kind of political unrest; we don’t want strike-blockade. All this has deepened the economic crisis. Therefore, for the sake of the country, for the sake of the industry, necessary steps should be taken to solve the crises.
After the election, the new government is facing various challenges in overcoming the current economic crisis. It will be difficult to get rid of the alarming situation that has arisen in the revenue and banking sector apart from reserve-remittances, export earnings, unless immediate and effective measures are taken. Bringing the economy to a stable state will be the big challenge of the new government.
If the government is unable to meet the challenge of implementing the reform conditions on which it is receiving loans from the IMF and other donors, there are fears that the economy will turn around. It will be difficult to deal with the economic crisis without any major reforms. Therefore, several new steps are required to set the wheels of the economy in motion, the transition of the economic crisis will depend on that. Political stability requires a change in political culture.
We need to focus on quality and technical education. Millions of young people after finishing education cannot find jobs due to lack of skills. As there is a huge demand for educated and skilled manpower within the country, there is also a demand for skilled and skilled manpower from Bangladesh abroad. There is no substitute for discipline, management, skilled and talented trained teachers in the education system. Our agricultural system has undergone massive changes. But through the introduction of modern science and technology based agricultural system, multi-purpose crop production, supply, marketing system, processing and application of modern mechanized system have to reach the goal. Emphasis should be placed on linking the agricultural system with the market system through modernization.
There is no alternative to a favorable environment to remove the crisis and advance the country on the path of development. Without political stability and tolerance, economic development is never sustainable. Proper planning and good governance are needed to keep the economic activities running by facing various types of adversities. In solving any problem, every citizen has to play a proper role from his own position, regardless of party-opinion, in rational discussion and compromise. In this case, it is important to form public opinion along with public awareness. Elected representatives should focus on nation building by preventing all inactions.
Corruption like a deadly disease is prevalent everywhere including society, administration. The Prime Minister has also announced a zero-tolerance policy in this regard. His declaration should be properly implemented. Commodity prices have been rising relentlessly for the past two years. There was public outrage about this. The government activated TCB to alleviate the suffering of low-income people by enabling them to purchase certain products at fair prices for a year. As a result, a large section of the marginalized population has benefited to some extent. But it was not possible for the government to bring everyone under it. The global economic crisis, the dollar-crisis and the manipulation of monopolies led to uncontrolled prices of imported goods in the market.
Bangladesh should not only depend on the ready-made garment industry, but should now focus on diversification of the industry and diversify exports. Prime Minister Sheikh Hasina has created 100 economic zones in the country. The Ministry of Industry can work with stakeholders on how to utilize them, attract foreign entrepreneurs and encourage investment.
Corruption like a deadly disease is prevalent everywhere including society, administration. The Prime Minister has also announced a zero-tolerance policy in this regard. Her declaration should be properly implemented. Corruption has spread in our society in many ways. Eligible talented, skilled and experienced people should be created opportunities to play a role in the society. Transparency should be brought in all types of institutions, trade, import-export, services.
The writer is a columnist and a researcher