| Md Aminul Islam: Tensions in the Middle East escalated rapidly after the United States and Israel launched a joint attack on Iran on 28 February. The conflict has surpassed its 40th day following Iran’s retaliatory strikes. On 8 April, the US and Iran agreed to a two-week ceasefire.
There is scepticism among the general public about whether this ceasefire will hold at all, as previous ceasefire agreements between Israel and Palestine have collapsed. Israel has continued its attacks in Palestine even during ceasefires.
Consequently, the impact of this prolonged conflict between the US and Iran has become evident not only regionally but also in the global economy.
Iran’s influence over the Strait of Hormuz has created significant uncertainty regarding energy supplies. Limited oil and gas exports in the global market have driven up fuel prices, directly affecting Bangladesh. Rising costs for LNG, petrol, diesel, and octane are already straining the country`s industries, transport sectors, and overall economy.
This reality makes daily life increasingly difficult for the general public. Spiralling prices of essential goods, rising transport costs, and expensive education and healthcare have created widespread public distress. In such a situation, government initiatives alone are insufficient; businesses and service providers must also play a responsible role.
Current crises demand a policy of "low profit, high relief." When market purchasing power declines, seeking excessive profits harms businesses in the long run. Instead, adopting a tolerant pricing policy builds customer trust and restores market stability.
Firstly, mobile operators and internet service providers should reduce service costs to a tolerable level. In the digital age, the internet is a basic necessity rather than a luxury. Similarly, schools and colleges could provide relief to families by temporarily reducing admission and tuition fees or offering instalment options.
The healthcare sector also requires a humanitarian approach. Doctor consultation fees and hospital diagnostic costs are becoming unaffordable for many. Reducing fees or introducing special discounts for the poor during this crisis would be a timely move.
The government can also take coordinated steps. Prime Minister Tarique Rahman could meet with top business leaders to reach an agreement on keeping commodity prices within the reach of the common people.
Additionally, authorities can build an effective coordination framework by involving representatives from business associations. Forming a monitoring cell to oversee market conditions could also prove effective.
Furthermore, the government could encourage businesses to supply goods at lower prices by temporarily reducing taxes on primary production. They could extend these benefits based on the evolving situation.
The legal and judicial systems require similar empathy. The cost of filing cases or seeking legal aid often hinders the general public. If lawyers show flexibility during this period, it will ease the path to justice.
Moreover, adopting moderate policies regarding public transport fares, online delivery charges, and service fees in the banking and insurance sectors will bring overall relief to public life. If every sector offers even a small concession, the collective impact will be significant.
Most importantly, we should not view these initiatives as charity. Rather, they represent responsible and sustainable economic behaviour. Those who stand by the people during a crisis earn public trust for the future.
Therefore, given the current global and local realities, businesses and service providers should step forward to ease human suffering by temporarily reducing profits. Only a collective effort can restore social stability and comfort amid such economic pressure.
Author: Md Aminul Islam is a journalist at the Daily Sun. He can be reached at amincu95@gmail.com
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