Home ›› 16 Aug 2021 ›› Editorial
William Shakespeare wrote -If money go before, all ways do lie open (The Merry Wives of Windsor, Act II, Scene II). In broader sense money stands for economy of a country. If economy is strong many things can be done. Every economy has a starting point. After liberation economy of Bangladesh began its journey with the hands of Bangabandhu. His prime goal was to build a poverty-free and self-reliant golden Bengal.
Bangabandhu sincerely believed that the peasants are the main artisans of making golden Bengal. In his address to the nation on radio and television on independence day in1972 Bangabandhu said, "Our peasants are the most miserable and oppressed class. It is not possible to change the destiny of this nation without changing their destiny. My government believes in internal social revolution. This is not undemocratic. My government and party are committed to establish a scientific socialist economy. The old social system must be uprooted to lay the foundation for a new system. We will build a society free from exploitation."
Bangabandhu never separated politics from economics. He believed that politicians properly know the pulse of people and selected Tajuddin Ahmed as the first finance minister of independent Bangladesh. After that Bangladesh had to wait for more than forty years for a politician finance minister. He attached utmost importance to agriculture, introduced modernisation and farmers' own land system, supply of improved seeds and inputs. For agriculture he took revolutionary steps like exempting land revenue upto 25 bighas, fixing maximum ceiling of individual agricultural land at 100 bighas and withdrawing one million certificate cases. He established BADC (Bangladesh Agricultural Development Corporation), BARC (Bangladesh Agricultural Research Council), Seed Certification Agency, Sugarcane Research Institute, Fisheries Development Corporation etc. for overall development of agriculture. Through BADC he started green revolution.
At that time Bangladesh was an economically fragile country with acute shortage of money, infrastructure electricity and skilled manpower. The then US Secretary of State Henry Kissinger termed Bangladesh as a bottomless basket and not at all feasible for investment but facing all adversities Bangabandhu started working for the newly independent country. He knew it very well that in a war-devastated country with acute crisis of essentials black marketing and smuggling were inevitable. To meet the crisis of essentials he established state-owned Trading Corporation of Bangladesh for import of essential commodities. Moreover, he formed CoSCor (Consumer Supply Corporation) to ensure sale of essemtal goods to common people through fair price shops.
In a recent interview Dr. Mohammad Farasuddin, a former governor of Bangladesh Bank and private secretary to Bangabandhu has said that Bangabandhu termed himself as prime minister of a poor country. But his dream was to build a poverty and exploitation free golden Bengal through providing basic needs for all people particularly the poor. The world was then divided into two economies - capitalist and socialist, Bangabandhu wanted to introduce a third section through cooperatives. He used to say that Bangladesh cannot remain underdeveloped forever. In the first 5-year plan Bangabandhu set poverty alleviation as the prime goal. (The Bangladesh Pratidin, 02-8-2021).
Long before independence Bangabandhu had clarified his own views on politics and economy through public meetings, leaflets and pamphlets. During the 50s and 60s those created wide awareness among people and paved the way of independence. Inherent meaning of his historic 6-point was political and economic freedom. After gaining independence he started working on it practically. For overall development change of ownership was felt necessary. It was taken as a fundamental principle of state policy that the people shall own or control the instruments and means of production and distribution. For this purpose three types of ownership were assumed – state, co-operative and private. (Article 13 of constitution)
Bangabandhu believed that development is impossible without industry. He laid great emphasis on cottage industries and established Tejgaon Industrial Area and Chittagong Industrial Area. As Minister for Industries of United Front Government he established EPSIC (also FDC) in 1957. After liberation he established BSIC (Bangladesh Small Industries Corporation) and BCIC (Bangladesh Cottage Industries Corporation). Afterwards these two were merged as BSCIC (Bangladesh Small and Cottage Industries Corporation) and BSCIC Industrial Estate was established in every district. As industry without electricity is impossible he paid special attention to electrification.
Bangabandhu was the promoter of long term economic liberation. His economic ideology and strategy was to build a self-reliant Bangladesh with own resources. He used to say that we cannot enjoy this independence if we fail to bring economic liberation.
Although Bangabandhu and Bangladesh are two contrasting words these two names are pronounced in the same voice because he was the main architect of independent Bangladesh. As prime minister and ex-officio chairman of planning commission Bangabandhu formed the first planning commission (1973-78) with Professors Nurul Islam (deputy chairman), Musharraf Hossain, Rehman Sobhan and Anisur Rahman (members). His government, on the advice of those renowned economists, formulated the first 5-year plan which contained his economic vision. Basic objectives, as mentioned in the preamble, were to reduce poverty, to minimise inequality of income and to get rid of dependence on foreign assistance which were very encouraging as those reflected the hopes and aspirations of millions of people of Bangladesh.
After the tragic death of Bangabandhu implementation of the first 5-year plan got stumbled. As identified by experts, reasons behind failure of the first 5-year plan, were colonial attitude of officials, incompetence and corruption in administration and national and international conspiracy. However, despite radically changed domestic and global economic and political atmosphere the government led by Honourable Prime Minister Sheikh Hasina is marching firmly forward with the economic vision of Bangabandhu which has placed Bangladesh at laudable altitude in the world.
The writer is a former Commissioner of Taxes
