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নিউজটি শেয়ার করুন

“In Bangladesh wealth increasing of the rich and poverty of the poor ”

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Shahabuddin Khaled Chowdhury (২০১৮-১০-২৪ ১২:৪৫:২৮)

  In 1958, Martial law was imposed in whole of Pakistan including East Pakistan (now Bangladesh). The chief Martial Law administrator was general Ayub and also C-IN-C. who was promoted by himself to the rare rank of “Field Marshal” and ultimately became the president of Pakistan replacing Iskander Mirza who was forced to leave the Country forever. While in power he wrote an auto-biographical book namely “Friends Not Masters”. In that book he wrote about Bengalese of the then East Pakistan. “As such they have all the inhibitions of the down-trodden races and have not found possible to adjust psychologically to the requirements of the new born freedom.”

 

        However, we Bengalese decided to secede from Pakistan for establishing an independent Bangladesh under the leadership of Bangabandhu Sheikh Mujibur Rahman and after nine months long liberation war with Pakistani army, we achieved an independent Bangladesh on 6th December, 1971. We inherited an almost shattered economy without any foreign currency reserve and totally a ravaged economic infrastructure. Dr. Henry Kissinger, the then foreign secretary of the United States dismissed Bangladesh as a bottomless basket.

 

Within 46 Years of liberation war, we came to an honorable position so far as our economic development is concerned. During liberation time, our economy was absolutely an agricultural one. The cultivators were not acquainted with any modern methods of cultivation. Now, in 2016, the contribution of our agriculture to our economy is only 15%, the contribution of our industry is 28.6% and that of service sector is 56.6%, garment sector alone contributes 28.6%, According to a recent statement by Iqbal Mahommod, the chairman of the anti-corruption commission, if the random corruption going on almost every departments of the govt. could be stopped, the rate of GDP will increase by another 2% i.e. our per capita income would have increase by another u$30.

 

        However, in the two decades our economy is continuously developing. We have already achieved the lower middle class status in 2015. Bangladesh also fulfilled the requirements to be eligible to graduate from least developing country to a “Developing country” in March 2018. But unfortunately, overwhelming majority of our people are not the beneficiaries of all the achievements of our economy.  While higher income-groups of our population that constitute a very small fraction of the total population have been the main beneficiaries of all these achievements of ours economy.

 

        Bangladesh Bureau of Statistics (BBS) published a report titled “House hold income and expenditure survey 2016.” It shows a widening gap of income between rich and poor that already reached a dangerous level. It shows that poor 5 percent had a 0.78 percent of national income in their possession in 2010 and now their share is only 0.23 percent. The richest 5 percent, who had 24.61percent of the national income in 2010, now has a higher share-27.89 percent. It is also shown in the report that the share of the income of the bottom half of the population used to be 20.33 percent. The richest 50% percent had 24.61 percent of the national income in 2010 and now it reaches to 27.89 percent.

 

                   The education and other technical training open the gate way to better jobs with good salary. But because of extreme poverty almost cent percent cannot afford education for their children. Even if they go to school, they cannot concentrate because they have to constantly struggle for their livelihood. They face constant stress that is why they cannot gain necessary skills to compete in the Job-market. The reason for inequality also includes wage exploitation by big companies.

 

        For Example, garments workers of Bangladesh are the most exploited as the western buyers developed a tendency over the years to lower the prices every year. OXFAM confirms in a report that it takes CEO of the world top five fashion brand just four days to earn the same, a Bangladeshi garments worker will earn over his/her life time. Lack of access to the banks for credit facilities is also one of the main reasons of income inequality in Bangladesh. Banks are giving loans worth billions of taka in complete violation of banking rules and procedures to so called business magnets, a good number of them are constantly transferring money abroad to the detriment of country’s economy. On the other hand farmers have no access to the credit because of collateral requirements like building, land etc. They live under constant pressure for repayment if they somehow manage a small loan after many efforts. In the year 2013-14, the share of agriculture in the GDP of Bangladesh was around 16 percent while agriculture share of bank loans in total stood about 6 percent.

       

                Absence of opportunity for the people on the bottom rung of the economic ladder is not ultimately good for the economy. Concentration of a country’s wealth in a few hands is actually dangerous for the country itself and this also happens in the case of the present day world as a whole. Because of this situation the whole world is facing a serious jeopardy in the form of economic depression at a regular interval. Serious measures should be taken against concentration of huge wealth in a few hands, a situation neither good for the poor or for the rich. Actually driving force of an economy is the purchasing capacity of the people, if it concentrates only in a few hands, the economy will face depression resulting in a total standstill of the economy itself.

               

 

shahabuddinkhaled47@gmail.com