Government solely responsible for the current income inequality

When the majority of people in Bangladesh are struggling to make their ends meet and in the process falling below the poverty line, the number of bank accounts with more than Tk one crore in deposit is swelling. Quoting the Bangladesh Bank data a national daily reported yesterday that a total of 3,426 new bank accounts with more than Tk one crore have increased just within three months from September to December 2022. At the end of September, the number of such bank accounts was 106,520 and at the end of December it was 109,946.
It is even more mind boggling to note that of the country’s total bank accounts which are 13.6 crore, about 10 crore accounts do not have Tk 5,000 each. After the spread of news of scandalous bank loans by the present government’s crony business house, S Alam Group, from the country’s largest and most successful private bank, Islami Bank Bangladesh Ltd, there had been a rush among the depositors to withdraw money from their accounts and keep it to themselves, but it does not mean that most people have money in their houses.
The 10 crore accounts that do not have Tk 5,000 each exist only in name. Most people do not have money in their hands. But on the other side of the spectrum, the picture is different: some people are growing filthy rich even during this time of economic crisis. It otherwise proves that Bangladesh’s social-economic equilibrium has been broken beyond repair and the balance can’t be restored within a short time, perhaps even in a decade.
That the rich people were growing richer and the poor people were growing poorer in the country is an old piece of news. Before the Covid-19 pandemic struck, we had news about the growing income inequality in the country. But this has become bare now in the aftermath of the pandemic and in the wake of the Ukraine-Russia war. These twin factors have exposed the inward hollowness of Bangladesh’s economy. The government has built the bridge over the mighty Padma, commuters have started using metro rail in the capital and vehicles are plying over flyovers and expressways, but under this apparent shine and glitter, the reality is horrid. The number of beggars and poor people has increased and the middle class people are struggling to maintain their day to day life.
The expert is right who points out that people with opportunities have taken advantage of the rising inflation as businesses are making huge profits, particularly from the rising food prices. A corrupt government that has been always busy in remaining in power through illegal means is itself responsible for the present dire state of the economy. People in their daydream do not believe that it can solve their problem.