Progga Das

Bangladesh’s rice market is witnessing alarming instability. Prices are continuously rising, and a visit to the market reveals the despair on the faces of the lower-income population. For those living hand to mouth, fulfilling their family's basic rice needs has become an immense challenge. The situation of the middle class is dire, while for the lower class, reality has turned into a cruel mockery.In Bangladesh, rice is not just food; it symbolizes culture, economy, and social equilibrium. Yet, its soaring price has pushed ordinary people to their limits.

The inefficiencies within Bangladesh's market system have long been evident, but the recent unchecked rise in rice prices has exacerbated the crisis. A combination of market syndicates, government policies, global market influences, and supply chain disruptions has led to a severe food crisis. For the lower-income population, this is not merely an economic crisis but also a social and psychological catastrophe.Despite being an agricultural country, Bangladesh is facing severe challenges in rice production and distribution. Additionally, due to farmers not receiving fair prices for their harvested paddy, many are losing interest in rice cultivation, intensifying future crises. When domestic production declines, reliance on rice imports increases. Rising global food prices and the devaluation of the taka against the dollar have further escalated rice prices in Bangladesh.For a long time, the rice market has been controlled by unscrupulous traders. Mill owners, hoarders, and wholesale traders manipulate rice prices by hoarding excess stock and creating artificial shortages, forcing consumers to buy at inflated rates. A major factor behind this crisis is the government's delayed policy decisions and weak monitoring by relevant agencies. The lack of regular market surveillance and the failure to take strict action against offenders have allowed hoarders and syndicates to manipulate the market unchecked.Currently, the condition of the lower-income, middle-class, and working-class population is dire. Rickshaw pullers, day laborers, garment workers, and city dwellers are facing severe financial hardships. Their incomes are not increasing, yet living costs are skyrocketing.

A large portion of their earnings is spent on purchasing rice. Many families are being forced to remove items from their meals, but with rice prices rising so steeply, even managing one meal a day has become a struggle. If this situation persists, the nation's future could be bleak.To control rice prices, the government has taken several measures, such as distributing subsidized food through the Trading Corporation of Bangladesh (TCB) and increasing food reserves. However, in reality, these steps have not been sufficiently effective. The government is struggling to stockpile food in time, while hoarders are delaying releasing their stock to further inflate prices. Additionally, challenges persist in ensuring a steady supply from imports and domestic markets.

Although the government has attempted to stabilize prices by coordinating with the global market, the impact has been minimal due to the global economic crisis, inflation, and rising international demand. The lack of proper coordination in the government’s initiatives is evident.The consequences of rising rice prices will extend beyond food shortages; they will have far-reaching effects. If this situation continues, poverty reduction, food security, social inequality, and overall living standards will all be at risk. A multifaceted approach involving the government, citizens, and the media is crucial to stabilizing the rice market. The government must strengthen market monitoring, dismantle syndicates, and take strict action against middlemen creating artificial crises.

The public must also remain vigilant and resist falling into the traps of hoarders.The role of the media is crucial in exposing syndicates and hoarders to the entire nation. This will make hoarders think twice before engaging in such activities in the future. Simultaneously, the government must make food stockpiling and supply mechanisms more effective. The infrastructure weaknesses that restrict rice supply need urgent resolution. Farmers must receive greater incentives to encourage increased production and lower costs. Reducing import dependency and boosting domestic production are essential. Integrating advanced technology into agriculture and introducing more subsidies could help alleviate this crisis.Government initiatives, such as expanding Open Market Sale (OMS) operations, should not be treated as temporary relief but as a long-term measure to ensure food security. The current state of the rice market signals not just an economic crisis but a looming threat to national food security.Most importantly, food is not just a commodity, it is a fundamental human right. However, in today's reality, that right is being stripped away. Those responsible for this crisis must be held accountable with strict punishment. The government must take firm control of the market, citizens must be aware, and the media must play a courageous role. Otherwise, rice will become a luxury for the rich while the common people perish from hunger. In this situation, there is no alternative but for all of us to work together in the best interests of the country and its people.

The writer is a ,Student, Department of Economics Eden Mohila College