Both of these aspects are currently uncertain. Producers are not getting a fair price, and consumers are unable to buy goods at reasonable prices. At the same time, another aspect needs to be considered: how safe are imported food products and how safe are domestically produced food items?

A large number of patients receiving treatment in cancer hospitals are farmers. This means harmful chemicals are being used in production, and the farmers are the biggest victims. These same farmers are also not receiving the correct price for their produce. Meanwhile, consumers buy these food products at inflated prices, which is unsafe.

In summary, we are in a very complex situation that requires further investigation and research.

In Bangladesh, agriculture and food-related issues used to receive more attention in research and policy discussions. However, since the 1980s, especially from the 1990s, agriculture has not received much importance in research or policy formulation. This is because the necessary budget has not been allocated for it. Therefore, more work needs to be done on these issues to ensure safe food and food security.

The general nature of a free market economy is that it has many competitors and various buyers and sellers. Additionally, all information should be open and clear to everyone. According to market economy calculations, supply and demand are also considered. However, the free market economy has become a myth that does not exist. What exists is called an oligopoly in economic terms. This means a few similar markets, where most of the market, product production, imports, and ultimately trade, are controlled by certain groups.

When such a market exists, the core concepts of a free market economy will not work. Even tools of the market economy, like interest rates, will become ineffective. Therefore, the role of the Competition Commission and government institutions is important to bring order to these markets.

However, in the last few decades, especially in the past one and a half decades, the institutional processes in this country have severely deteriorated. The institutions do not function properly. There is inconsistency in data and information. The Bangladesh Bureau of Statistics (BBS) does not work properly. There is deliberate manipulation of data. Ministries also fail to perform their specific duties. All institutional activities have become dependent on orders from above. An organization's institutional process and initiative completely fail if everything depends on orders from above or becomes individual-centered. Even our courts operate based on orders from above. This practice has worsened over the past one and a half decades.

Therefore, overcoming this situation is the most important task. To prevent an oligopoly, if the institutional process required does not move beyond dependency on orders from above, there will be no change in the dire market conditions or the overall institutional system.

We all understand that during the previous government's time, extortion played a major role in every price hike of goods. It was well recognized that after collecting goods from farmers, extortion increased at every level until reaching the market. Looting and extortion at these levels increased at an indefinite and uncontrolled rate. The reason for this was the lack of accountability and transparency. After the fall of the previous government, there was a natural expectation that prices of goods would decrease and extortion would end. However, no change in the situation has occurred. The prices of goods are not decreasing.

Within a few days, it became apparent that new forms and techniques of extortion had emerged. At the same time, instead of a free market, the strategy of increasing prices continued as a few groups controlled the market. We know some real reasons behind price hikes, such as the exchange rate and the war in Ukraine, which are increasing production and import costs. Another key reason for rising production costs is the increase in gas and electricity prices.

In such a situation, to bring down prices, the government needs to focus on solving some problems in the short term. Sometimes, it is also important to find areas where long-term policy changes are needed. Additionally, medium-term measures must be taken in certain cases. In other words, all kinds of actions are needed to control prices. For example, the increase in gas and electricity prices is due to the government's controversial and incorrect policies in the energy sector. To favor certain groups of businesses, the situation has arisen where gas and electricity prices must be raised every few months. This has harmed most businesses and other productive sectors of the economy. Similar occurrences have happened in other areas as well. For example, due to conditions imposed by the International Monetary Fund (IMF), the increase in VAT has raised the prices of goods. As a result, it has impacted everything from business to productivity.

The government argues that the budget deficit cannot be covered without loans from the IMF. However, in general statistics, we see that the same amount of money the government borrows from the IMF in three years—over 4 billion dollars—can be earned in just two months from remittances. Our export earnings are nearly 50 billion dollars annually. Therefore, there is no logic behind the conditions being fulfilled to borrow 4 billion dollars from the IMF over three years. Instead, by fulfilling these conditions, our productivity is being harmed, and the economy is becoming costlier. As a result, living costs are rising exponentially, and people face increased pressure. However, upon review, there seems to be no rationale for these policies.

However, such illogical government policy decisions pressure the public's expenses. The prices of several products, including sugar, are higher in Bangladesh than in the international market. This is because sugar has become entirely dependent on imports while our sugar mills are shut down. However, it became clear upon investigation that there was no effective reason to close them. If they had not been shut down, there would have been competition in the sugar market. As a result, our dependency on imports would have decreased, and we could have gotten better quality sugar at a lower price. Ultimately, the economy of Bangladesh could have been somewhat saved from import dependence.

Additionally, the conditions that need to be fulfilled to borrow from the IMF or the World Bank include privatization and price hike policies. Due to these old policies, during the previous government's tenure, the dominance of looters, loan defaulters, and land grabbers increased. If these same policies continue under this government, then nothing will change. Rather, farmers and consumers will continue to be deprived of the reasonable value of goods.

Since the interim government will not stay in power for long, they have various limitations in changing fundamental policies. However, they can at least lay the foundation for change, create examples, or show visible signs of progress. Ultimately, they can build trust among the people that the government is trying and taking initiatives to improve the situation.

But we don't see any significant actions from the government that meet our expectations. Therefore, along with words, plans, and aspirations, the government must urgently take specific initiatives on important matters like the economy, law and order, institutional effectiveness, and influence in the market.

The government needs to take initiatives with specific methods and timeframes, considering the specific impacts. At the same time, institutions must be made effective. This is our expectation. We also hope that the government will take the necessary initiatives, research, or form commissions for long-term plans regarding agriculture and food.

Anu Muhammad, economist and former professor at Jahangirnagar University

[Delivered as the Guest of Honor at the policy conclave titled “Fair Pricing of Food Commodities: Searching Market Supervision Strategies,” organized by Bonik Barta]