Markets will no longer be controlled through syndicates: Commerce minister
The district administration said farmers will be able to sell their produce directly through the market, bypassing middlemen, in a bid to break syndicate control.
Commerce Minister Khandakar Abdul Muktadir has said markets will no longer be controlled through syndicates, vowing that the notion of syndicate-based market control will be eliminated from Bangladesh.
He made the remarks this morning (11 April) while inaugurating the country's first direct farmers' sales centre, "Krishoker Hat" or "Farmers' Market," at Tilagarh in the city, an initiative taken by the district administration and the Department of Agricultural Extension.
The district administration said farmers will be able to sell their produce directly through the market, bypassing middlemen, in a bid to break syndicate control.
Keep updated, follow The Business Standard's Google news channel
The minister said the entire supply chain of imported goods will be integrated into an AI model to keep prices of essential commodities stable, adding that this will help the government strengthen market monitoring and maintain stability in market conditions.
He also said the scope of the Trading Corporation of Bangladesh's (TCB) activities will be expanded.
The government currently provides a subsidy of Tk3,200 to Tk3,300 crore annually for TCB operations, which, he said, will be reduced while its activities will be increased.
The minister further said district administrations across the country will ensure that farmers can directly sell their products to consumers at least one day a week in every district.
He also said Prime Minister Tarique Rahman will inaugurate the excavation of the Banshia Canal in Sylhet on 2 May.
According to the Sylhet district administration, the initiative has been taken to reduce the influence of market syndicates and middlemen in agricultural product distribution.
Officials said the market at Tilagarh Point will operate every morning, allowing marginal farmers from Sylhet to sell their produce directly to consumers without intermediaries. The main objective is to create a direct link between farmers and urban consumers.
At present, agricultural products typically pass through at least four to five layers of intermediaries before reaching consumers, increasing prices at each stage without benefiting farmers, while consumers face higher costs.
Deputy Commissioner Md Sarwar Alam said the "Krishoker Hat" will ensure fair prices for farmers and allow consumers to buy fresh and chemical-free vegetables at lower prices than the market rate.
He added that the initiative will reduce excessive profit-taking by middlemen and help dismantle syndicate influence.
