—Manjurul Islam—

The 5th of August 2024 paved the way for rebuilding the country from a pile of ashes. In this month, a formidable dictator was ousted and an interim government was formed to do the repair works. Over the past six months, the government took many positive initiatives but has limped on two crucial fronts: economy and internal security.

With support from law enforcers, the government has been striving to rein in rampant crime rates across the country over the past few weeks. However, the economy remains largely unaddressed, thanks to a wide distance between the business community and the government. Many factories are overburdened with debt, and many others have shut down. Business investment has ground to a halt, imperiling economic growth, and raising unemployment rate.

The government must realise that without supporting the economy it cannot achieve its lofty goals of state reforms. This fact need not be a lesson for the very stalwarts of economy, and yet, unfortunately such appears to be the case. Since independence, the interim government has included more economic experts than ever. The head of the government, Dr Muhammad Yunus, is himself a renowned economist who gained global recognition for introducing social business. Other top economic advisers like Dr Salehuddin Ahmed, Dr Wahiduddin Mahmud, and Dr Ahsan H Mansur are highly respected in their fields. Despite their expertise, businesspeople are still struggling to get proper support, security, and incentives.

Policymakers may have a grudge against a section of businesspeople for their suspected support for the past autocratic regime. But it has managed to nab only one in the cohort, the kingpin Salman F Rahman, while most corrupt economic agency officials and businessmen are staying off the hook. Rather, those businessmen who were coerced into submission by the Awami League autocratic regime are bearing the brunt of current economic malaise.

The previous government allegedly pressured businesspeople for loyalty and financial contributions through various syndicates. This government too cannot continue to ignore this honest and victimised section of business community. Depending only on remittance and the garment industry will not revitalize the economy — all business sectors must be included for sustainable growth.

In Ramadan, the holy month of Islamic fasting, prices of essential have surged. The government could have pre-empted the crisis by sitting down with the businessmen earlier, but it did not.

Now, the student protest leaders from last year have formed a new party, NCP, to realise state reform goals upon being elected in next polls. The people have faith in them. Notably, there is talk of a undercover government within the Yunus administration, which is preventing Prof Yunus from undertaking many tasks. This shadow group is also allegedly working to keep a distance between the government and the private sector. NCP, as a reliable force for the Yunus-led interim government, should act to bridge the gap for the benefit of national economy.

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The writer is the Executive Editor, Bangladesh Pratidin

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