Commerce secy condemn 'irresponsible business' conduct of Bangladeshi onion sellers
By the end of the fiscal year, inflation will fall below 7%, says the finance secretary
Commerce Secretary Tapan Kanti Ghosh has condemned Bangladeshi onion sellers, labelling their actions as "irresponsible business," and pointed out their exploitation of the situation followed by extension of Indian onion export ban — which nearly doubled the onion prices in the local market overnight.
"If someone bought a product for Tk100-120 today, how can its price suddenly become Tk200 the next day? The price should not increase overnight if India bans onion export," said the secretary on Sunday (10 December) in an NBR seminar organised on VAT Day and VAT Week 2023.
While criticising the sellers who take advantage of the opportunity when imports are halted, he said, "In a free market economy, it can not be restricted. Even with policing, we can't stop it."
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In such scenarios, the commerce secretary suggested the need for a seasonal tariff arrangement, saying, "We suspend import in the interest of the farmers. However, going forward we need to adopt a seasonal tariff system to maintain our import opportunities. At times tariff will be imposed, sometimes not…but import opportunities has to be preserved."
"Earlier, we have seen a decrease in potato and egg prices after allowing import opportunities," he added.
Many businessmen take advantage of the opportunity when imports are halted
During the event, Finance Secretary Dr Md Khairuzzaman Mozumder said, "There has been a reduction in inflation last month, and it is likely to decrease further in next month. By the end of the fiscal year, inflation will fall below 7%."
The Chairman of NBR, Abu Hena Md Rahmatul Muneem, presided over the event where Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam addressed the top businessmen of the organisation.
He urged businessmen not to cause unwarranted distress, expressing, "We want to pay taxes, but we do not wish to be subjected to any harassment."
