Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, July 18, 2018 02:43:26 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Shelving privatization makes no sense

By
01st-Dec-2017       
Comments
Share your thought
Post a comment »
Read all () »

AS per a decision by cabinet committee on economic affairs on Monday, the Textile and Jute Ministry is taking back five silk and textile mills from the Bangladesh Investment Development Authority -- formerly the Privatisation Commission, 12 years after the loss making mills were placed for privatisation.

These mills include Rajshahi Silk Mills, Thakurgaon Silk Mills, Sylhet Textile Mills, Kurigram Textile Mills, and Valika Woollen Mills. Two silk mills were sent to the then Privatisation Commission in 2007 and the remaining three were put on sale to private parties in 2012. There is no answer however as to why these mills were not sold by this time. The authorities are now justifying the taking back on the ground that they are causing huge waste of resources of the government for paying electricity bills and staff salary and allowances of the closed mills.

They were not in production but staff members were paid without work up to 10 years for some. We know the government had decided to sell those mills at that time in a list of several others anticipating private sector buyers will modernise the mills to turn them into profiteering. A good number of state owned mills were also sold that time but the process came to a halt on threat of strike by labour unions when the country was facing political crisis that ultimately led to military take over. Once Awami League came to power in January 2009 it quickly shelved the privatisation process as part of its populist labour politics to win labour support. Some other mills and factories in public sector were also removed from privatisation list although they continued to remain loss making. The Prime Minister has given directive to re-open those five mills now and put them into production importing modern equipment. 

Many believe however that running those mills again in public sector is not a good decision given their record of huge annual losses before they were put on sale. Even senior government officials believe if they were sold at that time they could create new jobs and increase production. The government is now regularly paying for loss making public industries as many of them even failing to pay retirement benefits and arrear allowances of workers and staff members. The government is allocating funds to mitigate their crisis. Only a populist labour policy provides the basis for such decision.

It goes without saying that new import of machinery will make many rich by over-invoicing. The bulk of the new labour force to be engaged in these mills will be party men who will get fat wages to serve the government political purpose. We suggest the government should review the decision and refrain from taking the load of such industries once again to add to government expenditure. 

Tariff
Add Rate

News Archive

Inside The New Nation

Entertainment »

Elnaaz surprised by Salman -Katrina controversy about Sacred Games


Actress Elnaaz Norouzi is surprised that there is a controversy about the characters of Karan Wahi and her in the Netflix series Sacred Games. The characters are alleged to have taken inspiration from real life incidents in Salman Khan and his ex-girlfriend Katrina Kaif's real lives.  "While shooting the episodes, ...

Entertainment »

Vidya Balan is all set to play her first Telugu film!


One can't refute the fact that Vidya Balan is one of the most versatile actresses in Indian Cinema today. The National Award Winning actress has never shied away from going off the beaten track and picking up complex and challenging roles. Needless to say, she has effortlessly nailed them all ...

Football »

Mbappe to donate US $500,000 World Cup winnings to charity


Sports Desk :French teenage sensation Kylian Mbappe will be donating his entire World Cup earnings to a charity that organises sporting events for children with disabilities.The 19-year-old reportedly earned about US$22,300 per game in the tournament and an additional US$350,000 for helping his country lift the World Cup trophy on ...

Editorial »

Trump‘s behaviour in meeting with Putin regarded as disgraceful


US President Donald Trump has defended Russia over claims of interference in the 2016 presidential election. After face-to-face talks with Russian President Vladimir Putin, Mr Trump contradicted US intelligence agencies and said there had been no reason for Russia to meddle in the vote, as per international media reports.Mr Putin ...

City »

BNP Standing Committee member Dr Khondkar Mosharraf Hossain speaking at an opinion sharing meeting on 'Role of Present Election Commission and Blue Print of the Government' organised by Bangladesh Youth Forum at the Jatiya Press Club on Tuesday.


International »

No reason to believe Russia behind election meddling


Reuters, Helsinki :U.S. President Donald Trump emerged from a meeting with Vladimir Putin on Monday saying he saw no reason to believe Russia had hacked the 2016 U.S. presidential election, and the Russian leader "was extremely strong and powerful" in denying it.Trump held his meeting just days after a special ...

International »

US, North Korea hold 'productive' talks on war remains: Pompeo


AP, Seoul :U.S. and North Korean officials held "productive" talks Sunday to discuss the return of U.S. service members' remains missing since the Korean War, U.S. Secretary of State Mike Pompeo said.Pompeo, who was not part of the talks, said in a statement that working level meetings between U.S. and ...

Business & Economy »

American Tony Roma now in Dhaka


Business Desk :America's most favorite ribs & steak chain "Tony Roma's" opened officially in Bangladesh on Monday.The first flagship outlet was launched at the most aristocratic zone in the city, NEB (3B), Road#74, Gulshan-2 in Dhaka. US Ambassador to Bangladesh Marcia Bernicat attended the function as the chief guest.Tony Roma's ...

Editorial »

Govt`s pragmatic step is needed to save Bangladesh from adverse impact of global warming


A RECENT study has shown that Bangladesh is among the countries 'most at risk' as over one billion people in the world are lack of air conditioning and refrigeration to keep them cool and to preserve food and medicines while global warming increasing temperatures. More electricity demand for fridges, fans ...

Football »

Harry Kane wins Golden Boot


England captain Harry Kane has won the Golden Boot after finishing as the World Cup's top scorer with Croatia's Luka Modric winning the Golden Ball for being the player of the tournament.Belgium midfielder Eden Hazard was the second-best player, with France forward Antoine Griezmann third.His French team-mate Kylian Mbappe won ...

Football »

Luka Modric (left) poses with the Golden Ball with Kylian Mbappe holding his Young Player Award on Sunday.


Entertainment »

Mamo, Mehazabien together


Entertainment Report :Zakia Bari Mamo and Mehazabien Chowdhury came to showbiz from the common platform. Both of them have common respect to each other. They won the hearts of many viewers by virtue of presenting their acting skills in last Eid works. Directors can easily rely on them. In last ...

City »

President candidate of a faction of BFUJ Molla Jalal, among others, at a journalists' rally organised by 'BFUJ Nirbachane Dabi Adai Sangram Committee'at the Jatiya Press Club on Monday demanding declaration of BFUJ election result.


International »

Gaza mourns teenage boys killed in Israeli air raid


Al Jazeera News :Umm Luay zooms in on a photograph on her mobile phone and kisses the screen, again and again.In the photo, her son, Luay Kaheel, is seen smiling alongside his friend, Amir al-Nimra. The two teenagers, 16 and 15 respectively, died on Saturday minutes after an Israeli air ...

Editorial »

Nobody could enjoy freedom to foil peaceful movement of students


ONCE again, the activists of Bangladesh Chhatra League (BCL) yesterday assaulted some students and teachers of Dhaka University to foil their human chain programme at Central Shaheed Minar demanding release of three quota reformists. The reformist leaders Jashim and Moshiur were shown arrested in a case filed for the attack ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news