Editorial
Government's move to revitalise TCB
It mustn't end into tokenism
Hard-pressed by market manipulation of vested quarters inexplicably causing rice prices to rise and hover at a high notch despite two successive good harvests, the government has to look for ways to leverage the market with a public sector role.
But the Trading Corporation of Bangladesh (TCB) established with a lot of fanfare following independence of the country is a mere shadow of its former self. Over the years, with pressures growing for free market operations and as the cartels feeding on political patronization took a firm hold of the market, the state trading agency diminished into a point where it is comatose now. But the rationale for its role, even in a free market situation is incontestable. For, whenever the government faces the dual problem of erratic supply and price spiral it feels the need for the TCB, no matter how emaciated it was, to take some of the heat off the market by importing and distributing essential commodities through its outlets. Usually, this happened during festival times, but with the present government finding it difficult to keep the prices down, there has been a rethink on the issue of giving TCB a greater role as a market player.
That is why, we hear of the government moving to amend the Trading Corporation of Bangladesh (TCB) Order 1972 in a bid to empower the state owned trading agency as a tool to intervene in the basic commodity market. To activate the TCB and enable it to play a decisive role in the market it will have to be adequately restructured and staffed, if necessary with a private sector representative on the board. Basically though, it mustn't compromise on its regulatory character and purpose. Simultaneously, it shouldn't be placed on a shoe-string budget like Tk five crore which it is now. It must have a start-up fund of Tk 1000 crore, as suggested by some experts.
It reflects on the incompetence and lack of vision on the part of successive governments that they could not internalize the fundamental message that free market and a state trading corporation are not mutually exclusive, rather they are necessary parts of modern day market governance. Great Britain and India have state trading corporations as market regulatory bodies, let alone the USA in a different name. The government must have an agency whereby it can intervene in the market for the good of the consumers.
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