If there was sufficient employment, the movement would not have been so big

The economy has been under pressure for several years. The dollar-crisis and the rise in the value of the dollar have increased the cost of production. The banking sector became fragile due to irregularities, corruption and looting. In such a situation, the government was changed in a mass coup by the students. In addition to attacks on various industries, incidents of arson also occurred. Again, within a month of the new interim government taking over, labor protests broke out in various industrial areas including Savar, Ashulia, Gazipur, Narsingdi. In such a situation, anxiety has arisen among the industrialists of the country. Shaukat Aziz Russell, President of Textile Mill Owners Association BTMA, spoke about this.

One of the sources of economic strength of the country is ready-made garments, textile sector and expatriate income. One out of every 10 people in the country has a livelihood related to the garment and textile sector in some way. But this sector is currently under attack. While the main volatility is in the ready-made garments sector, the textile sector is also experiencing isolated volatility.

Employment is one of the reasons for the current instability in the garment industry. If there were sufficient employment, the movement would not have been so great; It was easy to control. Apart from this, there is a group who provide fuel. Strict enforcement of the law is required for this.

The insecurity that has been created in the industrial sector has improved somewhat, but the fear has not completely disappeared. If even 10 percent of the police were active in supporting the previous government, then this instability would be resolved. Few people are fueling, which is easy to identify. If they are stopped, there will be no instability.

We expect good changes from the new interim government. But so far I have not seen any good face. There are many problems that exist in business. National Board of Revenue (NBR) operations, bond facilities, working capital, bank loans etc. have problems in various areas. We cannot import yarn and cotton for lack of necessary funds; I can't bring other raw materials. The bank itself has now lost financial capacity.

I think three things are most important from the government right now. The first is to provide adequate security in the industrial sector. Secondly, to provide necessary banking facilities to the industries. And thirdly, provision of electricity and fuel according to demand.

Why will the price of electricity be so high in the country? In the past, the government has financed various companies in local currency to set up power plants. But they have to pay in dollars. I think this kind of money laundering is allowed. During the previous regime, the opportunity to set up power plants was made a gift to certain individuals. Now we are paying money and not getting electricity.

It seems that extortion will never completely go away from this country. But it should be at a tolerable level, that is what the businessmen want. Cargo trucks are still being extorted; Rather, it has increased slightly from before. Because, with the old came new faces.

When businessmen ask for incentives from the government, they feel like they are begging. But the employment generated from these incentives, the value addition—they have to be taken into account. Special initiatives are needed to increase industry and investment in the country. Competing countries are coming up with various schemes to develop the industry. In our country too, the government should think like that and take necessary initiatives after discussing with the stakeholders.

Banking assistance has become a must for domestic industrial entrepreneurs. The attention of bankers is less in this place. Banks need to understand now, should they create new entrepreneurs now, or save the existing industry first. Doing something new will now cost five times as much. So I think it is important to support what exists.

Author – Shaukat Aziz Russell, President, BTMA