Stop illegal hoarding of rice

Rice is not just a food item for the people living in this delta. As the saying goes, rice is life in Bangladesh. Rice contributes two-thirds of the total caloric need of the country and is the source of half of the country's protein intake. Unfortunately, rice prices have been increasing in Bangladesh despite there being ample supply of the grain. Increased cost of production, hoarding, and half-hearted procurement drives have adversely impacted rice price. However, there is a vast stock and the supply chain of the staple is uninterrupted. As a matter of fact, every essential commodity has become costlier, and there is no sign of its relenting. And it is hardly a secret that an unholy nexus is active in manipulating the price of essentials, including the staple crop.

According to an agency report carried in this newspaper on Wednesday, Food Minister Sadhan Chandra Majumder sent out a stern warning against hoarding of rice, saying no one will be allowed to destabilise the rice market. He said this while virtually exchanging views with stakeholders on preventing rice hoarding and market monitoring at the Rangpur deputy commissioner office. In an attempt to assuage the common people, the minister said that his government is ready to import rice to keep the market stable. This statement by the minister is unlikely to reassure the consumers. Similar warnings in the past from the higher-ups have evidently failed to act as a deterrent and stabilize the rice market. Instead of issuing warnings, the minister should take practical actions against those responsible for the price volatility in the rice market. Especially since the minister himself has pointed out that there is no logic behind the hike in the rice price as this year's harvest has been satisfactory. However, as is well known, logic has little place in people who are out to make mischief and destabilize the market.

In Bangladesh, there is a history of millers, middlemen, and wholesale traders manipulating the whole procurement and marketing process to make sure there is a hefty profit for them. They have never shown any qualms regarding the practice and even during the pandemic period we have not observed any exception to the rule. There are allegations that the millers exert pressure on the government not to indulge in what they term as interfering with the trading system of food grains. There were seasons when cultivators were forced to sell their produce incurring losses. The government's procurement drives have often been half-hearted and failed to give farmers the benefit they so rightly deserved. In spite of having bumper production and continued import price hike of rice is puzzling, to say the least.

There have been occasions when authorities concerned had said that Bangladesh is self-sufficient in rice production and the government was thinking of exporting it. However, the reality is apparently different. Rice production has been hampered due to recurring natural disasters. The government and private sectors are importing rice. The government even had to cut import duty to control the market price of rice. Currently, the traders and millers control the price setting and processing of rice, and they do not want to lose their clout. If the staple starts becoming dearer, it does not bode well for the country. Particularly, the poor, low- and middle-income segments of people cannot cope with the rising price.

We believe that if the government takes necessary actions, the attempt to manipulate the market by the vested quarters will not be successful. If monitoring is lax, market forces known for manipulating the entire procurement, storage, husking, and supply will obviously take advantage of it. As stated earlier, the government's responsibility is not limited to issuing warnings. The government has regulatory mechanisms and law enforcement agencies at its disposal. Monitoring of the markets should be a continuous process. Frequent drives, without prior warning, should be carried out to deter the hoarders.