This week a leading think-tank has revealed that every year nearly 800,000 youth added to an army of job seekers. It appears that it does not ring any alarm bell across the corridor of power in government machinery. Ruling party seems little troubled by the news.
The revelation has been made in the wake of a High Court verdict that put a complete stop on all forms of extra tuition by school and college teachers outside classroom. Luckily the court, at a later ruling, spared the the "freelancers" who are private lesson providers but not involved with any educational institution.
It is incontrovertible that coaching culture in Bangladesh has rotten to the core. It puts extra cost on parents and the parallel system some how challenged the mainstream education system.
Solution to the degeneration of existing private lesson providing services is not a total halt but to regulate the industry. Despite the sparing of freelance private lesson providers, the verdict will have adverse implication on the job market. Because many teachers whose sole mean to get a decent living out of this will switch to moonlighting, putting further pressure on whatever job opportunities available in the market.
On the other hand, the form of "extra care" will take resort to classroom. It is highly likely that after this defining ruling extra care will take place within the boundaries of a classroom and parents have to bear the same extra cost as it was before the ruling. A pragmatic decision is widely anticipated where the teachers will be allowed to provide private lesson subject to restrictions. It however was not the case.
In brief, the ruling may have negative consequences for the job market as well as the on classroom teaching.
Unfortunately, we fail to create quality jobs in this country. If there were quality jobs then I think this coaching culture would not take a virulent form and teachers would be contend with their jobs.
In other sectors too, there is a dearth of good jobs. Highly polarized politics is partly to blame. Growth of private firms is synonymous with the tenure of ruling party that maintains some kind of ties with businesses. The other successful ones have closer ties with the men-in-fatigue. Rare are the firms that avoided any kind of ties with these two and stretched their businesses at home and abroad. The sheer level of uncertainty made the private sector jobs less attractive. So more and more people vie for public services jobs.
The SMEs, bloodline of an economy, are not doing well. Deteriorated governance and free season of corruption made it a victim. There have been reports that SME funds have either been swindled or laundered abroad. So the growth and employment generating sector never pitched up and true entrepreneurs remained shy throughout the period of this regime. Rare are the sectors that create jobs and add real values to economy by increasing revenues for governments and installing a formidable supply chain management system across different sectors of the economy. Our agro-processing industry is the shining example.
India has already opened up its retail market to FDI. India is more cautious about FDI. Unlike other sectors, tax evasion attempt, corruption and other fraudulent activities will be much lower in FDI on SMEs. In addition, small and medium foreign entrepreneurs who have a true commitment to stay in a country will invest here.
Bangladesh can take cue from India. In a country like Bangladesh, allowing FDI in SMEs is quintessential to propel growth and employment opportunities. Our politically blessed businessmen feel insecure here and have shown inclination towards laundering money abroad. Providing fund to these cronies never translated into job creation and value addition.
So government can seriously think of allowing FDI in SMEs and RMG industry. Please note in these two sectors our local entrepreneurs are doing well. Local RMG bosses have always been critical to such proposal. But allowing FDI in these two sectors will be boon for the two.
A more pertinent example will be in this regard our financial institutions. While our desi banks have become subject of incessant plundering, foreign private banks in this country are doing quite well and smattering of fraudulent activities are detected in these banks over these years. Management board of these banks have always remained out of local politicians' reach. Perhaps that must be the reason behind their less troubled balance sheets.
Germans have shown keen interest in investing SMEs. I don't know whether that offer is still on the table. Bangladesh should give serious thought in its implementation. With the FDI, our SMEs will have a chance to meet superior management system, innovation and good work environment.
Since the PM is on a official visit to Germany, Bangladesh could initiate dialogue with Germany to facilitate this business proposal as soon as possible.
Given the pool of job seekers and presence of politically blessed businessmen whose only job is to siphon off public and private funds, FDI in SMEs could be seen as a game changer.
Unfortunately, we procrastinate to implement these business deals. If there were well functioning foreign SMEs in the country we would have some foreign pressure group who would help us improving the business environment in spite of significant presence of cronies.
As it appears, institutionalized corruption holds our economy back and slows further down the trickle down process of the growth distribution, we should mobilize our efforts to find extraordinary ways to make every one on board of this much trumpeted doing-well development vehicle. Allowing FDI in SMEs will be one of those extraordinary steps.
The revelation has been made in the wake of a High Court verdict that put a complete stop on all forms of extra tuition by school and college teachers outside classroom. Luckily the court, at a later ruling, spared the the "freelancers" who are private lesson providers but not involved with any educational institution.
It is incontrovertible that coaching culture in Bangladesh has rotten to the core. It puts extra cost on parents and the parallel system some how challenged the mainstream education system.
Solution to the degeneration of existing private lesson providing services is not a total halt but to regulate the industry. Despite the sparing of freelance private lesson providers, the verdict will have adverse implication on the job market. Because many teachers whose sole mean to get a decent living out of this will switch to moonlighting, putting further pressure on whatever job opportunities available in the market.
On the other hand, the form of "extra care" will take resort to classroom. It is highly likely that after this defining ruling extra care will take place within the boundaries of a classroom and parents have to bear the same extra cost as it was before the ruling. A pragmatic decision is widely anticipated where the teachers will be allowed to provide private lesson subject to restrictions. It however was not the case.
In brief, the ruling may have negative consequences for the job market as well as the on classroom teaching.
Unfortunately, we fail to create quality jobs in this country. If there were quality jobs then I think this coaching culture would not take a virulent form and teachers would be contend with their jobs.
In other sectors too, there is a dearth of good jobs. Highly polarized politics is partly to blame. Growth of private firms is synonymous with the tenure of ruling party that maintains some kind of ties with businesses. The other successful ones have closer ties with the men-in-fatigue. Rare are the firms that avoided any kind of ties with these two and stretched their businesses at home and abroad. The sheer level of uncertainty made the private sector jobs less attractive. So more and more people vie for public services jobs.
The SMEs, bloodline of an economy, are not doing well. Deteriorated governance and free season of corruption made it a victim. There have been reports that SME funds have either been swindled or laundered abroad. So the growth and employment generating sector never pitched up and true entrepreneurs remained shy throughout the period of this regime. Rare are the sectors that create jobs and add real values to economy by increasing revenues for governments and installing a formidable supply chain management system across different sectors of the economy. Our agro-processing industry is the shining example.
India has already opened up its retail market to FDI. India is more cautious about FDI. Unlike other sectors, tax evasion attempt, corruption and other fraudulent activities will be much lower in FDI on SMEs. In addition, small and medium foreign entrepreneurs who have a true commitment to stay in a country will invest here.
Bangladesh can take cue from India. In a country like Bangladesh, allowing FDI in SMEs is quintessential to propel growth and employment opportunities. Our politically blessed businessmen feel insecure here and have shown inclination towards laundering money abroad. Providing fund to these cronies never translated into job creation and value addition.
So government can seriously think of allowing FDI in SMEs and RMG industry. Please note in these two sectors our local entrepreneurs are doing well. Local RMG bosses have always been critical to such proposal. But allowing FDI in these two sectors will be boon for the two.
A more pertinent example will be in this regard our financial institutions. While our desi banks have become subject of incessant plundering, foreign private banks in this country are doing quite well and smattering of fraudulent activities are detected in these banks over these years. Management board of these banks have always remained out of local politicians' reach. Perhaps that must be the reason behind their less troubled balance sheets.
Germans have shown keen interest in investing SMEs. I don't know whether that offer is still on the table. Bangladesh should give serious thought in its implementation. With the FDI, our SMEs will have a chance to meet superior management system, innovation and good work environment.
Since the PM is on a official visit to Germany, Bangladesh could initiate dialogue with Germany to facilitate this business proposal as soon as possible.
Given the pool of job seekers and presence of politically blessed businessmen whose only job is to siphon off public and private funds, FDI in SMEs could be seen as a game changer.
Unfortunately, we procrastinate to implement these business deals. If there were well functioning foreign SMEs in the country we would have some foreign pressure group who would help us improving the business environment in spite of significant presence of cronies.
As it appears, institutionalized corruption holds our economy back and slows further down the trickle down process of the growth distribution, we should mobilize our efforts to find extraordinary ways to make every one on board of this much trumpeted doing-well development vehicle. Allowing FDI in SMEs will be one of those extraordinary steps.
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