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Govt justifies price upswing on rains

Tk 47cr embezzlement unearthed at Jiban Bima Corp

STAFF CORRESPONDENT
The commerce ministry yesterday justified the unusual price spiral of essentials citing the recent floods and heavy rainfall and claimed the prices will come down on the back of the government initiatives.
The parliamentary standing committee on commerce ministry yesterday at a meeting at the Jatiya Sangsad Bhaban echoed the ministry view and recommended necessary steps to curb the rising prices of essentials, meeting sources said.
It asked the ministry to give discounts on tax and VAT on some consumer products, if necessary.
A parliamentary subcommittee, meanwhile, submitted a probe report yesterday revealing embezzlement of Tk 47 crore at the state-run Jiban Bima Corporation. The parliamentary body will discuss the issue at its next meeting.
On the overshooting of the rice prices, the commerce secretary
told the meeting that he had already talked with the food ministry that sought to launch open market sale of rice in a couple of days to keep them affordable.
The commerce ministry officials, during the discussion on the price hikes of essentials, blamed the price hike on huge damage to crops and vegetables because of the recent floods and torrential rainfall, the sources said.
"The price spiral of essentials is not abnormal. And the government has initiated different steps to reduce people's sufferings," committee Chairman and ruling BNP lawmaker Redwan Ahmed told The Daily Star after the meeting. "We hope the prices will be normal in a few days."
Commerce Minister Altaf Hossain Choudhury and his officials told the committee that steps have been taken to control the price upswing. The ruling BNP lawmakers, who dominate the parliamentary body, appreciated the com-
merce ministry steps.
The committee asked the ministry to consult with the finance ministry for initiating necessary steps to reduce tax and VAT on certain consumer products, should need be.
"The aim of the government is to reduce people's sufferings, not to collect revenue," the committee chairman claimed.
Senior ministry officials told the meeting that 33 ships loaded with consumer products will reach the ports in a couple of days, which will greatly help meet the demand.
The parliamentary body asked the government to use Rapid Action Battalion alongside other agencies to contain the spiralling prices of essentials ahead of the Ramadan.
"We asked the ministry to mount market watch so that no vested quarters can create an artificial crisis of essentials," Redwan said.