Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The government is planning to deploy artificial intelligence (AI) to monitor supply chains and dismantle market syndicates responsible for price-gouging of essential commodities.
Commerce Minister Khandakar Abdul Muktadir announced the initiative on Monday during the inauguration of the Trading Corporation of Bangladesh (TCB) truck sale initiative in Dhaka’s Agargaon.
“To ensure that no kind of syndicate or manipulation can become effective in the market for essential products, the government has taken initiatives including strategic reserves, AI-based supply chain monitoring and enhancement of TCB’s capacity,” the minister said.
He said the measures would allow closer monitoring of market conditions and supply chains.
According to the minister, imports of essential commodities are naturally dominated by some large businesses because the sector is capital-intensive.
“However, the government wants to build a partnership-based system so that more entrepreneurs can participate in this sector and healthy competition can develop in the market,” he said.
TCB’s truck sale programme before Eid-ul-Azha has started in Agargaon.
The commerce minister said the government’s main objective was to ensure subsidised essential food products for low-income, lower-middle-income and marginalised people.
“To achieve this goal, products are being sold regularly at subsidised prices across the country through TCB, while truck sale programmes are also being conducted around special festivals,” he said.
He said around 22.8 million people received subsidised food products during Ramadan, and the number is now being increased to nearly 28.8 million before Eid-ul-Azha.
“During last year’s Eid-ul-Azha, nearly 10,900 tonnes of food products were supplied. This year the amount has been increased to around 14,000 tonnes, which is nearly 40 percent higher,” he added.