Sunday, June 24, 2018 | ePaper

Eid economy should encompass all people in the country

  • Print
FESTIVALS are common to all societies and cultures. With changes in social and economic structures, nature of festivals too changes. However, bearing the stamp of Islam - the festive economies of Bangladesh surrounding both the Eid festivals have turned quite massive in recent times.
However, every year the festival is having increasingly strong socio-economic impacts into the lives of countless million people in Bangladesh. Shopping centres for clothes, footwear, cosmetics, jewellery and electronic gadgets witness bumper sales drawing hundreds of thousands of taka ahead of Eid. Given that the majority of Muslim businesses spend a substantial amount of cash for the festival, stock markets become enlivened with an added zeal, remittances pour in - a special business spree starts for transportation sector as large number of people travel to various destinations. Media reports confirm the magnitude of financial transaction mark the celebration of Eid in an economy of one hundred sixty million populations with US $ 1430 per capita GDP.
And it is right here where people from all walks of life deserves his/her humane share of joy, and deserves to be a part of the economy as per the teachings of Islamic value. It is not a mere festival for the wealthy to indulge in competition on who can spend more money on what commodity, rather it should be who can actively engage more people in terms of sharing his/her wealth. It should be a competition for encompassing the people from poor and the low-income segments.
For good many years the implications of the Eid economy has become noticeably big that many commercial banks often faces liquidity shortages and are forced to borrow from call money market to tackle the rush. Banks and non-banking financial institutions reportedly made a record of transaction on the call money market by borrowing collectively thousand of crores taka from the market last year. The situation became such that, Bangladesh Bank was forced to pump a record amount of money into the banking system as clients flooded almost all the branches of banks across the country before the start of Eid vacation. This year the situation is not very different.
The existing trend of the Eid economy should, however, change and incorporate the needy by introducing some subsidised or non-subsidised special packages. The thousands of crores worth of buying and selling should become an all inclusive one and not an exclusive occasion for the merriments for the higher income group. All citizens of the country deserves to be a part of this festive economy.    

More News For this Category

Government must ensure safe recruitment process for our migrant workers

ACCORDING to a leading Malaysian newspaper, an organised trafficking gang led by a Bangladeshi businessman has taken control over sending and securing jobs for expat Bangladeshis in Malaysia. The businessman

American people rose against inhumanity of Trump`s immigration policy : Trump remains un-American

US President Donald Trump took an U-turn and changed his own policy amid strong protest by American people.  There are huge criticism and outcry in America over the way undocumented

Bangladesh and two other protecting half the world's new refugees

Jan Egeland :Turkey, Bangladesh and Uganda alone received over half of all new refugees last year. Never before has the world registered a larger number of people displaced by war

America first or America alone ?

Tharanga Yakupitiyage :The United States' move to withdraw from the Human Rights Council will have "reverberations" throughout the world in years to come, say human rights groups. This week, the

UN failing to tackle the climate impact

Bill Hemmings :The UN is having another go at addressing the climate impact of flying next week as its aviation agency, ICAO, meets in Singapore. ICAO's environment committee is having

Readers’ Forum

A lesson to learn None thought of such lamentable defeat, but it happened because of wrong selection of players, week planning, lack of conviction and Messy dependence. I am speaking

Trump disregards the American core human right values : He is against America`s greatness

The United States withdrew from the United Nations Human Rights Council on Tuesday, condemning the "hypocrisy" of its members and its alleged "unrelenting bias" against Israel vividly face-off US stance

Quality teachers are needed to ensure quality education

THE government and private schools and colleges are facing setback due to shortages of teachers and quality teachers in particular. It is seriously affecting our education system. According to media

The ignored middle income group

Dr. M Abul Kashem Mozumder and Dr. Md. Shairul Mashreque :Many a criticism hovering around FY 2019 budget   has been leveled against its anti-middle class stand. It does mean this

Addressing Asia's ageing societies

Tharanga Yakupitiyage :While populations have seen and undergone changes since the beginning of time, one trend in particular is unfolding across the world: less children, older people. In an effort