On the horizon there is going to be monumental energy crisis, with the impact from climate change, growing population, and rapid urbanization our need for energy will be immense.
Everything that we use need energy whether it’s electricity, gas, oil, or water. These are fundamental components in any civilization, and the society that has been able to manage such essential resources will be able to prosper the most.
Our industry and manufacturing sectors have been constantly struggling with these essential resources. As these essential services are mostly being provided by the state it is bound to become inefficient and expensive.
Foreign investment is critically needed in this sector, without the room for individual companies to do business in this sector there is essentially no scope for crucial investors. Investors will invest in companies rather than bureaucratic state organizations, because they at least have the security for ‘private property’.
For industrial use, gas price has been increased by 37.88% from Tk 7.76 to Tk 10.70 per cubic meter, while for captive power it has been increased by 43.97% from Tk 9.62 to Tk 13.85. Gas price for the power sector has been increased from Tk 3.16 to Tk 4.45 per cubic meter with a 40.82% rise. *
Entrepreneurs are not feeling encouraged to invest due to numerous challenges and this sudden increase in gas price cripples their financial plan, such as increase in gas price will only add up to production cost making the business difficult for the SMEs whose break even is on a thin ice now, the trade leader finds. *
With the state out of the way entrepreneurs, investors, private companies and organizations will freely be able to solve this monumental problem. As it is has been shown in numerous other industry how letting a ‘free market’ allows the innovation & ideas to prosper.