After eight consecutive declines, the price of gold in the country's market has been increased by Tk 1,500. The price of good quality, i.e. hall-marked 22 carat gold stands at Tk 1 lakh 10 thousand 213 per load. The new price will be effective from Sunday (May 5).

Bangladesh Jewelers Association (BAJUS) informed the matter in a press release on Saturday (May 4). It is said that the price of pure gold has increased in the local market, for which the new price of gold has been fixed.

According to the new price, per bhari (11.664 grams) of 22 carat gold will cost 1 lakh 10 thousand 213 taka. Apart from this, the price of gold has been set at 1 lakh 5 thousand 197 taka per 21 carat, 90 thousand 174 taka per 18 carat and 74 thousand 988 taka per traditional method.

Earlier, last May 3 and April 30, April 29, April 28, April 27, April 25, April 24 and April 23, gold prices were reduced eight times. Of this, 1 thousand 878 taka was reduced on May 3. Before that, it was reduced by Tk 420 on April 30, Tk 1,115 on April 29, Tk 315 on April 28, Tk 630 on April 27, Tk 630 on April 25, Tk 2,099 on April 24 and Tk 3,138 on April 23. In this, the price of good quality gold was reduced by 10 thousand 262 taka in eight stages.

India on Saturday lifted the ban on onion export ahead of Lok Sabha election in Maharashtra, a state prominent for its onion production. 

The Director General of Foreign Trade (DGFT) of India fixed the Minimum Export Price (MEP) for onion at $550 per tonne, reports Times of India.

Onion traders and farmers, particularly from Maharashtra, had been urging the government to lift the ban, arguing that it would help farmers receive better prices. However, the government refused to relent, fearing that the export of this essential kitchen item might lead to a surge in domestic prices.

During the ban on onion exports, limited exports were permitted upon requests from several countries, including Bangladesh, Sri Lanka, and the UAE. 

India also announced on Friday that it would exempt 'desi chana' (Bengal gram) from import duty until March 2025, citing indications of a decline in the crop's production. Additionally, India extended the duty exemption on imports of yellow peas for entries made on or before October 31, 2024.

Over the past month, chana prices have risen by more than 10% to around Rs 6,300 per quintal in Delhi, compared to Rs 5,700 last month. Traders noted that India imports Bengal gram from countries such as Australia and Tanzania. The government has been closely monitoring the prices of key food items, particularly during the election season, to ensure that prices remain stable.

The Center for Policy Dialogue (CPD) has proposed a minimum wage of Tk22,776 for the tannery industry considering their living cost amid persistent inflation in the country.

The nonprofit research organisation also proposed an appropriate grading system for the workers which would ensure regular promotion for the laborers.

These recommendations came on Saturday from a media briefing titled, “Determination of New Minimum Wage of Tannery Industry: Challenges of Implementation” organized by the CPD at its office in the capital.

Tamim Ahmed, senior research associate at the CPD, presented the keynote paper at the event, based on research conducted under the leadership of Dr Khondaker Golam Moazzem, research director of the organisation.

Liaqat Ali Mollah, chairman of Minimum Wage Board and Shaheen Ahmed, president of Tanners Association, spoke among others at the event.

Presenting the keynote, Tamim Ahmed said at the event that the proposal of minimum wage was made based on monthly costs of Tk33,445 for a family – Tk20,564 for food and Tk12,881 for nonfood expenses.

He said that the number of family members and their tentative income were also taken into consideration to make the proposal.

The CPD also recommended upgrading the grading system for the labours in the sector.

The keynote revealed that the laborers in different grades are engaged with different types of responsibilities, that is why there is no provision of promotion for them. 

The CPD asked for introducing several ranks like A, B and C in each grade to ensure promotion of workers.

Khondaker Golam Moazzem said in his introductory remark, leather and leather products are the most important sector in the country following the RMG sector. 

He said there are about 200 tannery factories in the country while about 127 factories are operating their business in Savar tannery estate.

“Leather product exports from Bangladesh in 2023 were worth $1.2 billion, of which $123 million came from the tannery industry. Leather is going to be an important sector as Bangladesh is looking for billion dollar exports,” said Khondaker Golam Moazzem.

The CPD researchers further said that the minimum wage of Tk8,750 for the tannery industry was first announced in 2011 which was increased to Tk13,500 for urban areas and Tk12,850 for rural areas in 2018.

Even in 2024, 60% of factories are not paying the wage fixed by the government. Although the laborer is supposed to be given a 5% wage increment every year, the implementation rate has been found to be very low.

According to the study, each tannery employs about 21 workers on an average. Among which the number of women workers is very less. 

Many workers do not know about their minimum wage while 65% of wages are not paid on time. 

On the other hand, the labor hours are very high. The main reason for not paying wages on time or underpaying them is the decrease in exports and sales in the domestic market.

The government set up a wage board last August for the tannery industry to revise the existing minimum wage. 

The board consists of representatives from both employers and workers who will discuss and negotiate various proposals concerning the minimum wage.

State Minister for Finance and Awami League’s Finance and Planning Secretary Wasika Ayesha Khan has commented that there is no alternative to automation to increase revenue.

On Tuesday (April 30) at 10:30 am in the grand ballroom of Amari Dhaka, Gulshan, the Policy Research Institute of Bangladesh (PRI) presented the presentation of 'Bangladesh's Domestic Resource Mobilization: Imperatives and a Roadmap'. She said these things.

The Minister of State for Finance said that currently everyone can submit returns online. Since the informal sector of Bangladesh is very large, tax collection from this sector is important. In this case, the private sector can help us.

Wasika Ayesha Khan said, besides discussing the money market, private and government loans, there is a need to discuss more about the 'capital market'. Everyone needs to work on how to bring more good companies to the market. Then the pressure on the money market will reduce. It is important to increase the capital market, equity market and bond market.

She also said that the current government is working tirelessly to build Smart Bangladesh after the successful implementation of Digital Bangladesh under the groundbreaking leadership of Bangabandhu's daughter Prime Minister Sheikh Hasina. The country is now getting returns from the mega projects that have been implemented in the last 15 years under her able management. Due to the management of 'IBAS' (Integrated Budget and Accounting System-IBAS) efficiency of budget implementation has increased.

Earlier, even if the budget was passed, the first quarter of the financial year would pass before the implementation of the budget started. At present, the offices are using the budget from July 1.

The State Minister for Finance also assured that the Finance Ministry will consider the suggestions that have emerged from today's (April 30) discussion program very seriously.

Presided over by Economic adviser to the Prime Minister Dr. Mashiur Rahman, Chairman of the Board of Revenue (NBR) Abu Hena Rahmatul Munim and FBCCI President Mahbubul Alam were present as special guests.

PRI's executive director Ahsan H. Mansoor presented the keynote while the program was moderated by the chairman of PRI Dr. Zaidi Sattar.

Vice Chairman of PRI Dr. Sadiq Ahmed also spoke at the event. MCCI President Kamran T Rahman, CSE Chairman Asif Ibrahim, DCCI President Ashraf Ahmed were panel discussants.