Friday, June 23, 2017 | 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

The volatile food market

THE rice market has become volatile, as government stock has hit all time low at 1.9 lakh tons that never happened over the past several years. Local production has

Mayors must do more to contain chikungunya in city

THE outbreak of mosquito borne diseases like a new type of fever called chikungunya, in addition to dengue fever in the city and elsewhere is causing additional concern to

Do weak governments doom developing countries to poverty?

Charles Kenny :When you read what economists have to say about development, it is easy to be disheartened about the prospects for poor countries. One big reason is that slow

Islam stands for human dignity

KM Zubair :Since the Europeans take great pride in claiming that they abolished slavery from the world, though they had the decency to do so only in the middle of

Asia needs a better umbrella of social protection

Alastair Wood and Willem Adema :An Indonesian proverb says that a firm tree does not fear the storm. After the Asian Financial Crisis of 1997/98, Asian economies recovered with strong

Readers` Forum

Amazing cricket India captured the World Cup Cricket title in 1983 held by England. The ultimate winners played six matches at group stage,  won four and lost two to finish second

French Parliament dominated by young women

THE French Parliament looks younger with new election of the National Assembly where overwhelming number of women have taken over seat committed to create a New France and rebuild

Postponement of new VAT, but much more is needed

THE New VAT Act scheduled to become effective from July 1 is facing new crisis as the Finance Minister has been asked by the highest authority of the government

Hill tragedies : Human casualties took a heavy toll

Dr. Md. Shairul Mashreque :Hill tragedies in Rangamati and Khagrachori have been caused by heavy downpour stirred us to the depth moving us with gravest concerns.  Horror strikes hills. 'At

Pandemics and the poor

Ben Oppenheim and Gavin Yamey :When epidemics or pandemics hit, they usually hit the poor first and worst. We have known this for a while. The German pathologist Rudolf Virchow