Govt to tighten market monitoring to check spice hike | 2019-07-17

Govt to tighten market monitoring to check spice hike

Staff Correspondent

16th July, 2019 11:55:58 printer

Govt to tighten market monitoring to check spice hike

Commerce Minister Tipu Munshi speaks at a press conference on export target at the conference room of the ministry in the capital on Tuesday.

Commerce Minister Tipu Munshi on Tuesday assured that the government will tighten its market oversight to rein in high prices of some spices ahead of the Eid-ul-Azha.

“We’re hopeful that we will be able to curb soaring prices of onion, ginger and garlic ahead of the Eid-ul-Fitre as we’re going to strengthen market monitoring for which DCs have been asked to take necessary steps,” he told reporters.

The minister was talking to the journalists at a press conference at his secretariat office in the afternoon.

He, however, claimed that prices of these imported spice items have increased in their sourcing countries. He added that Indian government has withdrawn the incentives provided on onion exports, which has raised the item’s price in India as well as in Bangladesh.

The commerce minister also claimed that the country’s exports witnessed a double-digit growth last fiscal year after FY14 thanks to the government’s business policy and support for exports.

In 2018-19 fiscal year, total exports stood at $46.37 billion which was 13.06 percent higher than the previous fiscal’s $41 billion and 5.39 percent higher than $44 billion target

The government’s export market diversification initiatives have paid off in this impressive export performance, he said.

Even though the US and EU markets have traditionally been key export destination for the country, but in the last fiscal year exports increased by 20 to 40 percent in Asian market, particularly in Japan.

Tipu Munshi said the government has set a target to earn $60 billion from exports by 2021.

The commerce ministry is trying to increase exports in Indonesia and Brazil as their population is huge, he added.

Alongside diversifying export market, the government is also trying to diversify products other than key export item apparels.  These are leather, leather goods, footwear, light engineering, plastic, and jute goods, he informed.

At the same time, they will try to increase earnings from apparels exports as the country has capacity in RMG industry, he said adding that high end products will be added to export basket. In reply to a question, he said the government is cautiously considering the issue of signing FTA agreement with some countries because it may lower revenue collection.