The New Nation - Internet Edition

An efficient market management system based on proper information about national and international market trends needs to be introduced urgently to establish long-term and effective control of prices of essentials. Relevant department of the government and leading economists and experts of the country are for proper collection of information, coordination of activities based on those. They also underscore the necessity of predictions realistic on food grains production.

A number of factors led to the escalation of prices of rice, wheat, edible oil and other daily necessities recently leading to a difficult situation for the poorer sections of the people. However, as a result of some prompt sets taken by the government like drive against hoarding, open market sales of rice at fixed prices and vulnerable group feeding programme covering more than 30 lakh families, the market has shown slight downward trend. But these measures, while necessary, are by no means adequate to establish a long-term control over prices of essentials. Against this backdrop, some devices need to be evolved to maintain some degree of control on the market. Concerned agencies of the government recently arranged a meeting to gather opinions of market experts and eminent economists in this regard. The meeting mainly dwelt on ways and means of keeping prices of essential commodities, especially rice, wheat and edible oil, stable.

The economists and marketing experts put forward a number of suggestions for evolving a desired market management system. They emphasised the need for adequate information for formulating management policies. Proper information about prices of products at the international markets, trends in the domestic market, situation of stock of food grains, probable quantity of crop production and related information must be available to the concerned authorities. Such information will equip the government with more capability to make timely interventions, build necessary stocks of essentials to overcome shortfall, ensure food security based on demand and thus to have control on price trends. Forecasts on crop production will help take care of the factors making markets of essentials volatile. In that case, even hoarders and unscrupulous sections of traders will not be able to make unearned profit causing immense sufferings to low-income groups of people.

The suggestions put forward by the experts deserve serious consideration for incorporation in the government policy for a much-needed efficient market management system. Apart from its efforts to evolve a mechanism to bring efficiency in market management, the government has reiterated its plan to pay attention to under-privileged groups of people and continuing the programmes of OMS and VGF for Sidr victims. Long-term market management policies are expected to help keep prices relatively stable.