Dhaka, July 5 -- The latest government decision to close down all the state-owned jute mills, unpalatable though, has been long overdue. The decision, undoubtedly, would render thousands of workers jobless in one of the most difficult times in human history. These mills like scores of other state entities have been causing serious haemorrhages to the country's economy for nearly four and a half decades. Poor performance on their part has led to the phased closure of most of the mills over the years (the Bangladesh Jute Mills Corporation (BJMC) had more than 70 mills soon after the independence, but the number came down to 25).

The BJMC, the controlling entity of state jute mills, has been in the red for 44 years out of 48 years of existe...