Economy will face irrecoverable loss if the situation doesn’t improve

Al Mamun Harun Ur Rashid :
The ongoing load shedding across the country has already started showing negative impact in all sorts of industrial production, and signs of irrecoverable loss in the country’s economy.
The business community has expressed deep concern over the decline in productions due to the load shedding for hours in various industries.
They said many of them are keeping the wheels of their industries running by the generators, but it cannot cover the entire need of electricity for achieving full production.
If the products are not found in time, the delivery will badly be affected and the chain of exports will be snapped, the industrialists opined.
They have urged the government to keep the uninterrupted supply of electricity to the industries at any cost in order to keep the supply chain unabated.
Their apprehension is that the government will fail to garner full benefits out of the electricity rationing to save money in a bid to reducing the mounting pressure on the foreign reserve.
“The load shedding has already commenced putting negative impact on the industries. Production level has started declining in the small-medium-big industries due to the shortage of power supply,” Mostofa Azad Chowdhury Babu, Senior Vice-President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) told the New Nation on Wednesday.
“The total daily loss cannot be counted as the load shedding rationing has just kicked-off. Within a week we will get a full picture of the loss,” he added.
According to Dhaka Chamber of Commerce, one hour power outage in the industries across the country may cause a loss of over two three crore taka.
“We are witnessing frequent load shedding outside Dhaka. It is hampering the production. Another major problem is that our industries are not located on zonal basis except a few. As a result, uninterrupted power supply is difficult,” Mostofa said.
On the other hand, BGMEA sources said that the entire garment sectors have been badly affected by the two-year long Covid-19 but when the situation has improved their industries have now been affected by the load shedding.
Amid the rising global economic crisis, the country’s business community is facing different challenges to complete timely shipment
to Europe and America. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Jasim Uddin said the major industrial sectors should give uninterrupted power supply so that they can manufacture their products to export in time to earn foreign currencies to boost the reserve.
Though the government said that optimal power supply will be provided to the industries to keep the wheel of economy active, the different small and medium industries outside the capital are facing frequent load shedding, which is hampering the production.
Apart from the shortfall of electricity for the industrial production, country’s nearly 400 cold storages are also facing serious problem due to the frequent load shedding.
Owners of the cold storages said that they have been keeping the cold storage running by generators in order to save potatoes, seeds and other vegetables, but the load shedding is triggered the cost.
Mostofa Azad Chowdhury, who is also the Managing Director of Mostofa Cold Storage in Rangpur, said, “Our cold storage sector has been affected by the load shedding. The cold storages are being run by the generators. But the cost is going up.”
“The government is taking various initiatives to boost up the foreign reserve. But in order to earn foreign currencies, the wheels of the industries have to be kept running by uninterrupted power supply. Otherwise, the country will fall in deep economic crisis which may be irrecoverable,” he opined.
As the FBCCI representative, he has called upon the government to pay full attention to uninterrupted power supply to the industrial sectors.
“If the situation does not improve, we apprehend that the industrial sector will face multiple problems,” Mostofa Azad Chowdhury said.
The government has made an area wise schedule of load shedding as the power plants are failing to provide adequate electricity against its demand.
The new system began on Tuesday and there was a shortage of 1915MW of electricity.
However, sources said the electricity distribution has badly been affected and the load shedding rationing is not being followed as per the government plan.