If the purchase price increases, the selling price also rises, this is the normal rule of business. But it is a crime to increase the price by syndicate. India has stopped exporting onions, but onions in piles will come to the country. In the meantime, the government may resolve the issue through discussion. Besides, local onions have already started coming to the market. After just two weeks, the local onion market will be grabbed the markets. Then there will be no demand for imported onions. So India may have resorted to tactics.
Ramiz Mia (pseudonym), an onion trader of Karwan Bazar, expressed these by his experience.
"Those who are India's brokers in the market want to prove that we cannot do without Indian products," said the businessman, who did not want to be named for fear of facing the wrath of other traders.
Expressing anger, he said, "It cannot be a business character to stop exports suddenly in this way. If our businessmen could handle the situation strategically, India would not have behaved like this in the future."
It was known that a gang has made a profit of thousands of crores in just 24 hours. Many wholesalers have become rich overnight. Although the importers are under some rules, the syndicate of the wholesale market is always out of reach. After a few days, the price of each product is increasing abnormally and thousands of crores are being stolen.
India's Directorate General of Foreign Trade (DGFT) on Thursday said that they will not export onion till March 31 to keep the domestic prices under control. Earlier on October 29, India had fixed the export price of onion at $800 per ton which would remain in force till December 31. Before that, the country has completely stopped exporting onions. It has been mentioned in the notification that if the government of any country requests, the central government of India can give export opportunities.
According to the rules, export products in the supply chain are exempt from the purview of this circular. So the LC has already been opened, there is no barrier to onion coming to the country. Moreover, since there is scope for the request of the government and the local onion will come to the market after two weeks, India's announcement was not supposed to have much effect. But soon after the news of the export ban was known, the price started increasing unabated without any reason. The essential commodity is being sold at Tk 100 to 120 per kg in just 24 hours.
It was seen that onion prices have been high in Bangladesh market for a long time due to India's export price. It is fluctuating from Tk 100 to 120. But after the announcement of the ban on export on Thursday, the price of spice products has increased sharply. In just a few hours on Friday, the price of onion in the capital's Karwan Bazar increased by Tk 60 to 70 and reached at Tk 200 per kg. It became more uncontrollable and the price went up to Tk 250 yesterday.
According to reports sent by The Daily Post correspondents from different parts of the country yesterday, it was known local onion is being sold at Tk 180 per kg and Indian onion at Tk 160 per kg at Gobindasi market, the largest market in Bhoyapur upazila of Tangail. However, local and Indian onions are being sold at Tk 200 per kg in Khulna market. It is being sold at Tk 200 to 220 in different markets of Barishal. In Keraniganj's Jinjira Bazar, Indian onion was sold at Tk 190 to 200 per kg and local onion at Tk 240 to 250 per kg. However, onions have been sold at different prices in the capital. The shops in the alley were expensive. The price has gone up from Tk 220 to 250. In a word, the price is as high as it can.
Market analysts said that such a rise in prices before the arrival of local onion in the market is absolutely planned. India wants to take advantage of the market by stopping exports. And the country's syndicate is taking this opportunity to grab a huge amount of money. Where the matter can be resolved overnight through diplomatic efforts, such a thing is unexpected.
Golam Rahman, president of the Consumers Association of Bangladesh (CAB), told The Daily Post that it was a complete manipulation of businessmen. Ultra-profiteers are harassing buyers by increasing prices unreasonably. He said that India has stopped imports, but the supply is normal as the export in the pipeline has not been stopped. Moreover, import may be started soon at the request of the Bangladesh government. On the other hand, our local onion will also come to the market after a few days. Calling for increasing monitoring to control the market, he suggested resolving the crisis in the long term, saying that monitoring activities should be strengthened to deal with the current situation. At the same time, production should be increased in line with the demand so that such a situation does not arise repeatedly.
Director General of the Directorate of National Consumer Rights Protection (DNCRP) AHM Shafiquzzaman told The Daily Post that the price of onion has been increased illogically. We are taking strict action against it. Our operation is ongoing. The operation will continue until the market is under control.
Md Helal Uddin, president of the Bangladesh Shop Owners Association said that prices increase when supply changes with demand. No trader has the opportunity to increase the price, the buyer increases the price. Those who buy more should be caught. Money people are creating a crisis in the market by buying more together. He said that the business is not Anjuman Mufidul, so many people are taking advantage of the opportunity. Because when the businessman has a loss, no one is beside him, the bank does not forgive the money. Opposing the administration's crackdown, he said the situation would be fixed soon. Because after 15 to 20 days, our local onion will come to the market. Then the price will be Tk 40.
Advising the buyers to be aware, the business leader said everyone's help is needed to overcome the crisis. Since onions are not an essential commodity, no one will die if they do not eat; so buyers have to buy less. Then the market will be fine. He also said that there is no scope for the shop owners association to take action against any businessman if he makes extra profit as he does not have legal power.
Criticizing India, Helal Uddin said that our government has given so many facilities to India, yet they are behaving like this. In a free market economy, there is no scope to stop exports suddenly. If they had a problem, the matter could be solved by gradually increasing the tariff. Then we also had time to adjust the market.
Highlighting the need to resolve the issue diplomatically, he said, "We will only give, they will not give anything, it should not happen."
ARS
