Lockdown amid Eid hit hard the economy

0 6

Newsnow Desk: With Eid-ul-Azha nearing, the last of the big festival economy, businesses say their profits have been halved because of covid.

The celebration of Eid-ul-Azha mainly circles around livestock and the rawhide industry.

According to the Ministry of Fisheries and Livestock, out of 1.19 crore animals eligible for sacrifice this year, 1 crore could be sold and the transaction will be around Tk45,000 crore to Tk50,000 crore.

Prof. Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD), said that cattle rearing is one of the largest economic investments in Bangladesh’s rural economy and a large number of people are dependent on it, especially during the Eid economy.

Then there is the country’s spice market. Although the market is worth around Tk4,000 crore on Eid during normal times, the traders concerned think that it will come down to half this time like last year.

President of the Bangladesh Wholesale Spices Traders Association Enayet Ullah said that there is a spice market worth Tk4,000 crore to Tk5,000 crore in the country around Eid-ul-Azha. But business has halved this time around.

Apart from that, a lot of transactions are also done in the long-haul public transport sector ahead of Eid. The transactions in this sector are no less than Tk2,000 crore.

You might also like