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Small investors’ woes in capital market unlikely to end before national polls: Analysts
Small investors in the stock market are frustrated as their wait for a good time gets delayed by the Bangladesh’s ongoing political unrest.
The political impasse over who should oversee the upcoming national polls is thwarting the stock market’s recovery from Covid-19 pandemic and the Ukraine-Russia war.
The small investors’ shares are stuck on the floor price (minimum sale rate) and overall economic downfall. This has been painful for many unfortunate small investors of the capital markets, according to market analysts.
Policymakers and the Bangladesh Securities and Exchange Commission (BSEC) paint a rosy picture for small investors saying that stock markets will rebound with enlistment of new companies and injection of big investments. But the situation for the small investors seems to be hopeless.
Read: Economy buffeted by political unrest amid declining forex reserves: Analysts
A large number of shareholders have remained stuck with their investment in the capital market for over a decade amid fading hopes.
“No one, not even the regulator or stock market authorities pay heed to their screams,” Abdul Latif, a grocery owner and one of the affected investors, told UNB in a broken voice. He said he invested Tk13 lakh in 2011 to buy shares of different companies listed in Dhaka Stock Exchange (DSE).
After graduation in 1998 Latif found no suitable job and then started a small business in the Motjheel area in 2002 with support from his father-in-law. He made a good profit in the business and invested money in the share market.
In 2010 Latif invested around Tk13 lakh of which 5 lakh was his own and 8 lakh borrowed from relatives. All of his investment was stuck in shares of different companies due to a big scam in the capital market in 2011.
Read: Govt aims to collect 11.2% of GDP in taxes by FY 2025-26
Like Latif, thousands of investors lost their hard-earned capital in 2011, and after that, some were able to gain part of the capita. But most of them left the capital market losing nearly all investment.
Many of such investors are still in the market hoping for a rebound in the DSE, but without any good news.
There is no sign of lifting the floor price before the next election. However, economists say that people do not have confidence in the market. BSEC advises investors to be patient until the general election is held by January next.
Dr ABM Mirza Azizul Islam, an economist and a former adviser of a caretaker government, told UNB that there has been a crisis in investors' confidence in the stock market for a long time.
“To this are added various economic crises, the international situation, and everything including elections and national politics,” he said.
Read: Despite challenges, govt hoping to restore economy’s pre-Covid momentum in current fiscal
As a result, first of all, steps should be taken to eliminate the trust crisis. In this case, trust should be ensured by establishing good governance, he said.
That is, the investors have to be given the assurance that if someone steals their money through manipulation, they will be prosecuted. Besides, the supply of good shares should be increased. Through these two steps, it is possible to eliminate the market problem. But it is not easy at all, said Dr Azizul Islam.
Dr Abu Ahmed, former professor of Dhaka University’s Economics Department, said there are two crises in the market: one on the demand side and the other in investor confidence.
On the supply side, the problem is that there are fewer good companies. As a result, it is a win-win situation for manipulation and syndicates, he said.
Read: Country’s first electrical testing laboratory on the cards
All in all, the stock market is currently in an unstable condition and gradually the situation is getting worse. The passage from here is very difficult, he said.
According to market insiders, the stock market situation is in a dire. The situation is not improving due to political uncertainty ahead of national elections, increases in commodity prices, and various international issues.
The market has lost its importance to the government as well. For those who are not directly involved with government policymakers, the stock market is a source of irritation.
Their thinking is like this - if there is no stock market, there will be no problem in the country. For these reasons, the government wants to hold the market with floor prices until the next national election. This brings an opportunity for syndicates blessed by the regulatory body to be controlling the market, the market insiders said. They spoke on condition of anonymity.
BSEC Chairman Professor Shibli Rubayat Ul Islam told UNB in this regard that the global situation is not in the hands of the regulator or the government. Investors should beware of investing with any company depending on rumours.
He also said due to a lack of financial literacy, people are sometimes investing in weak shares with an expectation of big profit which is not the right way of investment.
Read: BSEC sits with stock market stakeholders Thursday after drastic fall of share prices
The ones bearing the brunt of blockades
The fast-evolving political situation since October 28 has plunged the country into misery. From Dhaka’s lower-income individuals to students, general people are bearing the brunt.
Ramzan Ali, a rickshaw-puller living in Kamrangir Char with his family, outlined the stark contrast between before the blockades started and now. Previously earning Tk 800 to 1,000 daily, he now struggles to make more than Tk 300 to 400. A significant part of that daily earning, Tk 120, goes to the owner of the rickshaw.
Read: Prolonged blockades cause visible slump in economic activity
Babul Prasad, president of Dhaka Flower Traders Welfare Multipurpose Cooperative Society, emphasized the plight they face. The flower trade, largely seasonal from October to March, has been severely impacted. Their usual daily retail earnings of Tk 50 lakh have dwindled to Tk 20 lakh. This loss is colossal, leading to circumstances where even disposing of unsold, rotting flowers incurs expenses. The situation is unsustainable for both the farmers and the business community if this crisis prolongs.
Shahnaz, a bangle seller, detailed the financial hardship her family faces. As the sole earner, she used to make Tk 1,000-2,000 per day, but the current political situation has left her unable to afford even daily necessities. The financial strain has led to discontinuing her child’s education for the time being.
Read: Uncertainty, tension grip students, parents amid raging political crisis
Bus drivers, vegetable vendors, and day laborers have been hit the hardest, barely earning a third of what they used to.
Moreover, the ongoing blockade instils fear, especially with buses being burned frequently. The entire situation is a chaotic mess that urgently needs resolution.
Unidentified miscreants set ablaze two buses in Tejgaon of Dhaka and in Adamjee EPZ in Narayanganj last night. Additionally, arsonists burnt down seven buses in various areas of Dhaka, including Jatrabari, Gulistan, Gabtoli, near Notre Dame College, Rupnagar, Sutrapur, and Mirpur, between 8 pm on Saturday and 6 am on Sunday, just before the commencement of the latest blockade, aiming to instil fear and chaos among the public.
Read: Economy buffeted by political unrest amid declining forex reserves: Analysts
Green Roofs in Dhaka City: Pathway to Smart Urban Agriculture
When the roof or terrace of a building is covered with plants such as trees, shrubs, bushes, and grass, it is termed as a roof garden. This farming practice is also known as, terrace farm, rooftop farm, rooftop garden, green roof, living roof, or eco-roof.
The concept of Smart urban agriculture focuses on adequate production of crops, vegetables and fruits utilising advanced farming techniques along with IoT and AI.
As Dhaka has scarcity of arable land, the methods of smart agriculture can be applied here through terrace farming. Let's take a look into the prospects of smart rooftop farming in Dhaka city.
Threats to the Food System of Dhaka City
Decreasing Arable Land
To cope up with the increasing pressure of population, the agricultural lands are being converted to residential, commercial or industrial land uses. Such practices are reducing the scope of growing agricultural food products in different urban areas of Bangladesh including the Dhaka metropolitan city.
Rising Food Inflation
One of the major impacts of the Russia-Ukraine crisis was the disruption of global trades of some key foods and agricultural commodities. Like many other countries, Bangladesh has been experiencing rising prices of foods and agricultural products which is threatening the country's food security. According to BBS data, the food inflation rate in Bangladesh climbed to 12.54% in August 2023. The demands and prices of food commodities are also rocketing in Dhaka city.
Read more: Inflation ticks up again as food prices remain sticky upwards
Harmful Chemicals
The usage of inorganic fertilisers and harmful pesticides to increase agricultural productions are making the yields hazardous for human health. Furthermore, food contamination practices such as application of harmful chemicals to ripen fruits or keep vegetables fresh for long hours are posing threat to the health of Dhaka city residents.
Costly rental power plants keep getting extensions, even in the era of surplus capacity
Despite demand being nearly half of electricity generation capacity, the government of Bangladesh continues to extend the tenure of costly rental power plants.
The latest decision for extension of contract for a gas-based rental power plant was made in the Cabinet Committee on Government Purchase on November 8.
As per the decision, a 55 MW gas-based rental power plant of Precision Energy Ltd. will get an extension of 5 years to their existing contract with the state-owned Bangladesh Power Development Board (BPDB).
Under the Power Purchase Agreement (PPA), the BPDB will buy electricity from the plant at a tariff rate of US Cent 5.7 (equivalent to about Tk 6) per kilowatt hour while it has been buying electricity from base-load plants at around half the price.
Read: Despite surplus electricity, contracts of 10 rental power plants extended in four months
For instance, the government has been purchasing electricity from Summit-GE's Bibiyana 450 MW gas-fired power project at US 3.32 cents per kilowatt-hour, with a contract for a period of 22 years.
The government approved a PPA in October 2021 under which Consortium of (1) Edra Power Holdings Sdn Bhd, Malaysia and (2) Winnievision Power Ltd, Bangladesh, will set up the 660 MW base-load combined cycle plant and the BPDB will purchase electricity from the plant over a contract period of 22 years at a levelised power tariff of US 3.679 Cents (equivalent to Tk 2.94) per kilowatt hour to be run by local gas.
The move for continuing the extension of rental and quick rental power plants' contracts raised the eyebrows of the energy experts.
Many experts and power industry insiders believe that such a move to continue entertaining the costly rental power plants will increase the burden on the government for more subsidies, at a time when the sector has already been facing huge capacity payments' obligation with surplus capacity of electricity generation reaching about 50 percent.
Read: Power flow set up from Payra plant to Rampal sub-station
Last year, the government extended the contracts of at least 10 rental power plants with a new provision of “No Electricity, No Payment” but kept a fund allocation of Tk 6,564.08 crore to pay the owners of the rental power plants.
This time also Tk 1205.40 crore was kept as allocation while approving the latest extension proposal of Precision Energy's 55 MW Ashuganj gas-fired rental power plant which will be paid in in next 5 years.
According to the Power Division’s official statistics, as of September 13, 2023, the country's power generation capacity was 27,834 MW including off-grid renewable and captive power, while the highest generated in a day was 15,648 MW.
The BPDB official data shows the country generated 14,021 MW on September 26, while covering the excess demand by resorting to load shedding of 113 MW.
Read: 5 rental power plants with 457 MW get 2-year extension
The demand was decreasing with the coming winter and the country's power demand was recorded to be 10,954 MW on November 8 while on-grid installed capacity was showing 25,339 MW meaning that the surplus capacity was more than double at 14,385 MW.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid, however, defended the extension of the rental power plants’ contracts saying that the deals were extended for “emergency necessity” to tackle the current situation when last year 10 rental power plants' contracts were extended.
“As there is a gas shortage, we have to run liquid-fuel based rental and quick rental power plants on full capacity to meet the demands," he had told UNB.
He also said these plants don’t oblige the government to make 'capacity payment' - i.e. payment for unused electricity, that was the case with some earlier contracts. “As a result, the cost of electricity from these extended rental power plants came down by 30-40 percent from the original cost," Nasrul Hamid said.
The government documents show that of the approved 5 plants in March last year, three belong to Summit Group, one belongs to Dutch-Bangla Group and one to Orion Group.
'Admit the mistake first'
About the country's growing surplus electricity and extension of rental power plants, vice president of Consumer Association of Bangladesh (CAB) Prof M Shamsul Alam said: “There will be a big indiscipline in the power sector as pressure for private sector’s capacity payment will continue to go up while import of primary fuel will be increasing. Finally, it will lead to energy insecurity."
Read: Deal period with rental, quick rental power plant owners can’t be extended: BPDB Chairman
In such a situation, he said, the only way-out is that the government has to admit first it has done a mistake by giving permission to the private sector for excessive power generation without consideration of the demand and then change the current policy and strategy.
Otherwise, the situation will be more difficult to manage as pressure from the International Monetary Fund (IMF) is coming to raise electricity tariff again. If so, it will further push up inflation, he added.
‘BNP plans to strengthen anti-govt movement after polls schedule is announced’
Though most of the party’s central leaders have apparently gone into hiding amid a crackdown following the October 28 violence, BNP leaders may take to the streets again after the announcement of the schedule for the next polls to intensify the ongoing movement.
Talking to UNB, some senior BNP leaders said they have already prepared a strategy to carry out a non-stop movement with harsher programmes like hartal, blockade and laying siege to the Election Commission and different government offices to halt any lopsided election.
They said their party also took the opinions of the like-mined parties about what to do if the election schedule is announced and most parties suggested enforcing blockade or hartal without any pause.
As per their strategy, the BNP leaders said soon after the announcement of the schedule for the next election, the opposition parties will first give a 48-hour ultimatum to the Election Commission (EC) to cancel the schedule and create a proper atmosphere for a participatory election under a neutral administration.
Read more: Fire Service records 9 arson attacks in the country in 10 hrs
If the EC pays heed to their ultimatum, they will then try to show their strength on the streets across the country with their action programmes.
According to Article 126 of the Constitution, it shall be the duty of all executive authorities to assist the Election Commission to discharge its duties.
The BNP leaders said they would closely observe how the EC exerts the powers enshrined by the constitution to take control over the state apparatus, including the law enforcement agencies.
They said they would also observe the role of the EC in stopping the mass arrest of opposition leaders and activists and releasing the arrested party senior leaders and workers.
BNP claimed over 10,770 opposition leaders and followers were arrested centring BNP’s Oct 28 grand rally and subsequent hartal and blockade programmes.
BNP Secretary General Mirza Fakhrul Islam Alamgir, standing committee members Mirza Abbas, Amir Khosru Mahmud Chowdhury, vice-chairman Barrister Shahjahan Oma, Altaf Hossain Chowdhury, Shamsuzzaman Dudu, chairperson’s adviser Amanullah Aman, and joint secretaries general Syed Moazzem Hossain Alal and Kahirul Kabir Khokon were arrested following the party’s grand rally and violence.
Read more: Chinese envoy’s remark on polls doesn’t reflect people’s aspirations: BNP
Among the 19 members of the BNP standing committee, Jamiruddin Sircar, Gayeshwar Chandra Roy, Dr Abdul Moyeen Khan, Nazrul Islam Khan, Begum Selima Rahman now remained active in politics. However, they are now staying in safer places secretly to avoid arrest.
Three standing committee members including Salahuddin Ahmed and Iqbal Hasan Mahmud Tuku have been staying abroad.
The other party policymakers either died or remained inactive due to physical illness.
The other active members of the BNP executive committee, including the vice chairmen, joint secretaries general and organising secretaries are also on the run and guiding the party leaders and workers from hideouts.
A party standing committee member, wishing anonymity, said they will come out of their secret places once the polls schedule is announced to boost the morale of party workers to strengthen the movement.
He said they have a plan to isolate Dhaka from the rest of the country by making the blockade programme more effective through increasing picketing on highways and roads at the district level.
“Our party won’t participate in the parliamentary election under the current government. So, after the announcement of the schedule, our all leaders will come out on the streets and join the movement,” the BNP leader said.
“After the announcement of the polls schedule, all the state machinery, including the law enforcers, will be under the control of the commission. So, the Election Commission’s role will be more questionable, if the arrest of BNP leaders and workers continues even after the polls schedule announcement. Besides, questions will be raised in the country and abroad about the sincerity of the Election Commission in conducting fair, free and impartial elections,” he said.
BNP standing committee member Dr Abdul Moyeen Khan said the government may think BNP will be weakened if the election schedule is announced. “But it won’t happen. We have seen examples of cancellations of elections after the announcement of the schedule. “BNP will deal with all situations staying on the streets. People won’t this time allow the government to stage a drama in the name of election.”
Another BNP standing committee member Nazrul Islam Khan said BNP's movement for the restoration of democracy and voting rights will not fail this time. “If the schedule is announced, we will have no choice but to continue the movement. We’ll force the government to meet our demands through a fierce mass movement.”
BNP Standing Committee member Iqbal Hasan Mahmud Tuku said their party will not retreat from the movement under any circumstance.
"If a one-sided schedule is announced ignoring the opinion of the opposition parties, it will prove that the government and the Election Commission are not serious about a fair and acceptable election," he said.
Read more: 152 BGB platoons deployed across the country amid BNP-Jamaat's latest blockade
Prolonged blockades cause visible slump in economic activity
The nationwide blockades for the past few days have dealt a severe blow to the business landscape of Bangladesh, leaving wholesale markets desolate and causing a week-long economic slump.
The impact has spread over areas like New Market, Chandni Market, Eastern Plaza, Elephant Road, Farmgate, Gulistan Market, Shantinagar, Kakrail, Mouchak Market, Rampura-Badda, Mirpur, Dhanmondi, Gulshan-Banani, and Uttara in Dhaka.
Nawabpur, Chawkbazar, Islampur, Babubazar, Shankharibazar, Moulvibazar, and Bangabazar, also witnessed a decline in trade activities.
Economy buffeted by political unrest amid declining forex reserves: Analysts
Dewan Aminul Islam, President of Dhaka New Market Traders’ Association, said that sales were very low during the blockade.
“There are no buyers. Small traders are suffering more. If the blockade continues, then we will be the most affected,” he said.
Employees at Olympia Bakeryshop in the Baitul Mukarram area similarly report a decline in sales. They have resorted to a shift toward alternative sales strategies within familiar networks.
Sabuj, a tea vendor at Paltan intersection, said his shop faced a significant contraction in sales over the past week.
“I make TK10-12,000 per day. Now it’s Tk2-3,000," he said.
Uncertainty, tension grip students, parents amid raging political crisis
Farooq Hasan, President of BGMEA, told UNB “The sector was already suffering from a shortage of buyers in the international market. Now, due to internal political instability, we have to face a more difficult situation. As a result, not only the export sector will be affected, but the entire economy of the country will be affected. It will also affect the reserves.”
Mohammad Hatem, Executive President of BKMEA, expressed concern over escalating losses among traders.
“The internal transportation of goods has been severely impeded. Industrial production witnessed a decline.Export sector is especially vulnerable to the ongoing blockade,” he said.
The Exporters Association of Bangladesh (EAB) President, Abdus Salam Murshedi, told UNB that due to the blockade, businesses cannot collect the raw materials stuck at various ports due to the transportation crisis.
Mahbubul Alam, president of Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), called for a collective reconsideration of the ongoing strike blockade.
With economic diversification, transformation, Bangladesh holds potential to achieve more: Swiss Ambassador Reto Renggli
“Such programs, if prolonged, may lead to a standstill in the wheels of the economy,” he said.
On October 29, a hartal was observed across the country called by BNP and other like-minded opposition parties. After the three-day blockade on October 31, the blockade continued on November 5 and 6, and after the two-day blockade, it continued on November 8 and 9 with a one-day break.
Economy buffeted by political unrest amid declining forex reserves: Analysts
The ongoing political and labour unrest has hit the country's economy at a wrong time.
Since September 28 the BNP-led opposition has imposed on-again off-again nationwide hartals and blockades to press for resignation of the government paving the way for a free and fair election under a non-partisan caretaker government.
The situation has been compounded as the political unrest coincides with continuing protests by garment workers for hiking their wage.
The protests have been marked by clashes with police, casualties and torching of vehicles, mainly buses.
The anti-government protests has hit the country even as the economy, smarting from Covid-19 setbacks, is struggling with the foreign exchange shortage, the value of taka sliding over 30 percent, double-digit inflation, the high price of energy and labour unrest cantering salary hike, economists say expressing worries.
Bangladesh Bank has recently held discussions with prominent economists and its former governors on the ways to overcome the situation.
The invited economists suggested policy changes to overcome the US dollar crisis, a stable exchange rate and reduce the inflation at a tolerable level, according to sources familiar with the talks.
The labour unrest for higher wage in the garment sector is also solvable by the RMG owners and policymakers of the sector, they opined.
But the economists and businesspeople felt that they have little to say about the political unrest except suggesting a consensus among the political parties on how to hold the next election which may be held by first week of January.
Talking with UNB former senior economist of the International Monetary Fund (IMF) Dr Ahsan H Mansur said the political conflicts are pushing the economy towards great uncertainty.
Until there is a peaceful solution to the impasse on the upcoming national election, this situation may continue having dire economic and social consequences.
“But so far there is no sign of flexibility in the attitude of politicians. Disruption of production activities for a few days can be a long-term effect. This will lead to an adverse effect to inflationary pressures, dollar crisis, and employment opportunities,” said Mansur.
Export-import, private sector credit growth, remittance inflow, investment, jobs creation, GDP growth, revenue collection, and all other sectors will be affected by this political uncertainty, said Mansur, who is also chairman of Policy Research Institute (PRI), a private think tank.
He said a key source of the country’s foreign exchange income is the export sector. An average of $5 billion a month comes from the export of goods.
Exports of goods fell by 14 percent in October compared to the same month of the previous fiscal year, he pointed out.
Garment exports fell by 13 percent in October compared to September. Exports worth $3.76 billion were earned in the month in October FY2023-24. That is $600 million less than the same month FY2022-23.
FBCCI president Mahbubul Alam said traders are worried about the strikes and blockades. This is seriously disrupting the product supply system. This has led to hike in the prices of many items,
He said the businesspeople feel that there should be a political compromise anyway. Everyone has to consider the economy and the interests of the country.
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hasan told UNB that amid the election-centered conflict and recent labour unrest the buyers of Bangladeshi products are expressing concern.
Some brand buyers have reduced export orders due to the uncertainty of getting the product in hand on time, he said.
"Buyers are worried; they want us to understand the situation. They have been requested for a meeting on behalf of Buyers Forum in Dhaka,” the BGMEA President said.
Bangladesh Shop Owners Association General Secretary Md. Zahirul Haque Bhuiyan said that a day’s strike causes a loss of Tk 6000 to 6,500 crore.
The economic loss from the siege is also huge. Some shops remain open during the blockade. But buyers are a few. The daily loss in sales can reach up to Tk. 5,000 crore.
He also urged the political parties to reach an understanding for an early solution to the problem and save the economy.
“All have to keep the country’s interest above everything else,” he said.
Lokman Hossain, general secretary of Karwan Bazar Kitchen Market Traders Association, said that supply of goods has been affected by the blockade.
The number of cargo trucks arriving at the market came down by at least 30 to 40 percent during the protest days.
“There are a few buyers in the market. If the blockade continues and goods trucks are unable to arrive, there will be problems in the supply chain,” Lokman said.
Dr Masrur Reaz, economist and Chairman of Policy Exchange told UNB that political uncertainty affects all the sectors of the economy.
This should be resolved with the consent of political parties for the sake of recovering the economy.
He said that growing political uncertainty will bring a double blow to the economy after the Covid-19 pandemic and the Russia-Ukraine war.
The domestic supply chain is disrupted, production is being affected and buyers’ confidence is reducing due to the uncertainty, he pointed out.
The trend of decreasing import of capital machinery used in production is quite alarming. A decrease in capital imports means output will decrease. This will further reduce exports.
Analysing different financial data it is found that the main source of foreign exchange is the export sector. But there has been a fall in earnings from this sector.
An average of 5 billion US dollars is earned in a month from the export of goods. But the exports of goods fell by 14 percent in October compared to the same month of the previous FY 2022-23.
In the first three months of the current FY2023-24, the import of capital equipment has decreased by almost 20 percent. The import of raw materials of various types of ready-made garments has decreased by about 26 percent compared to the same period of the FY2022-23.
Imports of cotton, the main raw material for apparel production, have declined the most, by about 39 percent. Yarn, cloth and other raw materials also decreased at almost the same rate. Imports of other raw materials other than apparel fell by more than 36 percent.
Tk 7 crore bridge in Lalmonirhat left unused due to no approach road
A concrete bridge, built at a cost of Tk 7 crore, over Kesharghat Soti River in Sadar upazila of Lalmonirhat district cannot be used due to no approach road.
Locals, however, made a bamboo bridge to cross the river on foot.
People of the area said that following the demand of nearly one lakh residents of two unions in the upazila, the local administration started the construction work of the bridge in 2021 at a cost of tk 7 crore.
Though the construction work was completed, the authorities concerned failed to erect approach roads on both ends of the bridge due to land acquisition complexities.
Read: Commercial train operation over Padma Bridge begins
Mujibur Rahman, a resident of Khuniagach village, said they are using the concrete bridge by making bamboo structures on both ends of the bridge as it is the only means of communication. “Public suffering intensified during monsoon,” he said.
According to sources at the Local Government Engineering Department, the LGED started the construction work of the bridge on March 25, 2021, involving Tk 6.82 crore. Though the construction work of the 81m long concrete bridge was completed in time, due to land acquisition problems, no approach roads could be built on both sides of the bridge.
Fazlul Haque, a school teacher, said, “There had been a bamboo bridge over the river and people used to cross it, putting their lives at risk. Currently, there is a concrete bridge, but it has not solved the commuting problems due to the absence of approach roads.”
Nur Mohammad, a local businessman, demanded an immediate solution to the problem to mitigate the suffering of people.
Read: Kaptai hanging bridge in Rangamati opens to tourists after over one month
Shahjamal, a representative of the contractor firm that worked on the bridge, assured that the construction of approach roads will start soon.
Akhtaruzzaman, executive engineer of LGED, said, “We are at the end of resolving the land acquisition problem and the work of approach roads will start soon.”
What Can Dhaka Learn from the Smart City Singapore
World Town Planning Day, also known as "World Urbanism Day," aims to encourage community planning to address diverse environmental and socio-economic factors involved in the development of a town. The 74th World Town Planning Day 2023 is being celebrated worldwide on November 08 with the theme 'Learn Globally, Apply Locally.'
According to the 2023 IMD Smart City Index, Singapore is ranked as the 7th smartest in the world, and topped among the smart cities in the Asian subcontinent.
Singapore has overcome diverse urban challenges through the utilization of the latest ICT technologies. The city is able to provide necessary urban amenities including water treatment, public housing, transportation, energy management, etc. Singapore's pathway of being a smart city offers great lessons for Dhaka.
Scenario of Dhaka and the Vow of Smart City
Dhaka, the capital of Bangladesh, is a mega city inhabited by 10.2 million people as of 2022. According to World Bank data approximately three to four lakhs people migrate to Dhaka from different regions of Bangladesh each year. A lion's share of these migrants are climate refugees. With above three percent population growth rate Dhaka has gained the title of fourth most populous city in the world.
The uncontrolled migration and unplanned urbanization are posing a threat to the existence of Dhaka city. As a result Dhaka is facing multifarious challenges such as air pollution, traffic jams, insufficient public amenities and services, inadequate public transport facilities, inadequate infrastructure, etc.
Read more: Bangabandhu Tunnel: Tk 25 lakh toll collected on first weekly holiday since opening
The government of Bangladesh have taken the initiative to build Dhaka as a Smart City.
The term smart city refers to a technologically advanced urban area that promises quality of life for residents by optimizing city functions, promoting economic growth, and utilizing various technologies.
Now, it is a burning question that how can Dhaka city assure quality life to its inhabitants by improving healthcare, public transportation, housing, urban amenities, and advanced payment systems which are the key components of a smart city?
Read more: Focus on digital education for Smart Bangladesh: Speakers
10,000 fishermen likely to gather at Dublar Char as dried fish processing season starts
A total of 10,000 fishermen from coastal areas are expected to gather at Dublar Char, popularly known as “Shutki Polli” or Dried Fish Village, as dried fish processing season kicked off.
Every year, several thousand fishermen and hired hands flock to the area to catch fish and make shutki (dried fish).
According to the forest department, this year, the authorities concerned have given permission to erect 108 makeshift houses and 78 depots for accommodation of fishermen and preservation of dried fish.
Bagerhat's Dublar Char abuzz as fish drying season begins
The fishermen will catch fish using 1500 trawlers in the Sundarbans. They will process the fish and keep those under the sun for drying.
Dublar Char is already buzzing with workers and traders after the authorities issued permits to fishermen to catch fish.
Thousands of Dublar Char fishermen take oath together with PM on Victory Day
Last year, the government earned Tk 6 crore revenue from Dublar Char and this year, a Tk 7 crore target has been set.
Different species of fish including Loitta, Faissa, Koral, Pomfret, Chhuri, Tuna and many more are being processed at Dublar Char. The demand of dried fish from the area is high as they are processed without using chemicals and formalin.
Dublar Char comes alive as Sutki fish season gets underway
Rabiul Islam, a fisherman from Rampal upazila, said he came to Dublar Char on Friday and spent a busy day making makeshift houses with bamboo, polythene and hogla (long dry grass used for sheds).
Shahid Mallik, president of Matsyajibi Samity, said thousands of fishermen have already reached the area while many went to the sea to catch fish.
Dilip Majumdar, officer-in-charge of Alorkol camp, said the fishermen are busy erecting makeshift houses and it takes two to three days to complete.
Some fishermen were busy processing their catch under the open sky, he said.
Rana Deb, assistant forest conservator of Sundarbans East zone, said the dried fish processing season began on November 3 and will continue till March 31, next year.
The fishermen will live in Alorkol, Majherkella, Narikelbaria and Shelar Char for five months.
Sheikh Mahbub Hasan, assistant conservator of Forests under Sharankhola Range, said the forest department has been asked to remain vigilant so that no one in the guise of fishermen can commit crimes on Dublar Char.