Originally posted in The Business Standard on 6 August 2025
First Anniversary of July Uprising: How far have we come in a year?
A year after Hasina’s fall, political experts, a business leader, and an economist discuss how far we have come since that fateful day
On 5 August last year, the people of Bangladesh uprooted the Hasina regime after 36 days of violence.
In the aftermath of the July Uprising, which united people from all walks of life against autocracy, corruption and grave human rights violations, an interim government, led by Nobel laureate Professor Muhammad Yunus took charge on 8 August. Multiple commissions have since been formed to steer the country back towards the path of democracy and to undo the economic damage that the previous Awami League regime had left the countrymen with.
Now, a year later, political experts, a business leader and an economist discuss how far we have come since that fateful day.
‘Dream of inclusive development still far from realisation’
Professor Mustafizur Rahman; Distinguished Fellow, Centre for Policy Dialogue
A year ago, the economy was going through major challenges. At that time, we saw high inflationary pressure, people’s declining purchasing power, a fall in the standard of living, and high unemployment rates. We also saw how various institutions were being weakened due to a lack of good governance.
In addition, there were issues like money laundering and loan defaults. Altogether, there was a growing sense of discontent.
It was in such an economic situation that the interim government began its journey. Over the past year, several economic reform efforts have been undertaken. Some have brought success, while in other areas, the desired results are yet to be seen.
In particular, although our high inflation has come down somewhat, it still remains quite elevated. Even with a contractionary monetary policy, it could not be brought down significantly. As a result, we have not seen any major improvement in the living standards of ordinary people.
The effort to collect revenue through direct taxes and use it for social protection, education and healthcare to reduce inequality has not been very visible.
On the other hand, some positive initiatives have been taken in the banking sector. Steps have been taken to bring clarity in loan defaults, merge weak banks, recover assets, repatriate laundered money, and restructure boards. These are positive measures and will leave a good mark for the future economy.
However, in terms of macroeconomic management, we have not yet seen any major breakthroughs in redistribution, job creation, private sector investment, and other crucial areas. In these areas, our disappointment remains high. To move forward, and particularly to build an economy aligned with the spirit of the July Uprising, we must bring about change here.
One of the major reasons behind the July Uprising was the lack of good governance. Unfortunately, despite various reform initiatives, their implementation is facing obstacles.
I believe that the mass uprising took place with the dream of inclusive development, and we still have a long way to go to realise that vision.
