Industry owners are disappointed by the sudden decision to increase gas prices without dialogue with the stakeholders. This decision is suicidal for the industry. Without the survival of industries, employment opportunities will not be created. Workers will become unemployed, leading to labour unrest.
Instead of achieving sustainable economic growth, the country's economy will transform into a model of extortion. When entrepreneurs were hoping for a reduction in gas prices, the increase will escalate utility costs for industries. Consequently, no factory will remain sustainable in the existing fragile economy.
Therefore, the government must undertake business-friendly initiatives to revive the economy. Moreover, such initiatives to increase production costs in the industry make the last government and the interim government appear similar. The textile and ready-made garment sector is the largest consumer; thus, any initiative to increase gas prices should have involved discussions with them.
While competitor countries are providing incentives to protect their industries, increasing gas and electricity prices without consulting the relevant sectors seems like a conspiracy against domestic industries. The textile and ready-made garment industry holds a significant share in the country's exports. Some industrial establishments are already facing salary issues due to various domestic and international conspiracies. Adding gas and electricity problems will make it challenging to keep factories operational.
Therefore, the government must prioritise gas supply. If such a gas crisis continues, factories will be shut down, and workers will lose their jobs. The proposed gas price is extremely challenging for the industry. To maintain the competitiveness of export-oriented industries in the global market, the government cannot afford to profit from gas. Prices of products manufactured in local gas-dependent factories will also rise.
Author: President, Bangladesh Textile Mills Association (BTMA)
BDST: 1234 HRS, JAN 8, 2025
