Hilsa (Tenualosa Ilisha) is the national fish of Bangladesh, and it holds significant cultural and economic importance. Nowadays, as the price of hilsa fish rises owing to economic concerns, the average people are going to forget its taste and flavor. The study collected secondary data from various authentic sources and analyzed data with descriptive statistical tools. The study found that the limited supply of hilsa resulting from population growth, export to India, smuggling, and depreciation of domestic currency are the crucial reasons for the price hike. Moreover, the declining purchasing power of common people because of inflation, dishonest trading using branding, significant income differences between poor and rich people, social inequality, not true substitutes, debt financing, and the ice market syndicate are all that causes it to turn into a luxury good. Furthermore, the most relevant factor is market intermediaries who exploit fishermen through the illegal ‘dadon’ system, raising the local market price of hilsa fish. An inefficient supply chain is also responsible for the high cost of hilsa fish to the general public. Because of a lack of adequate cold storage facilities, transportation issues, an insufficient number of boats and ice, poor cleanliness, infrastructure flaws, and political turmoil, hilsa fish loses both quality and quantity, resulting in a price increase. Finally, the study suggests implementing a proper market regulation and monitoring system, controlling inflation and illegal commercial practices, providing access to finance for the fishermen, establishing sustainable fishing and marine and river territory monitoring, overcoming socio-economic challenges, creating an export framework, drone and GPS enforcement, and increasing sufficient cold storage facilities and skill development programs for the fishermen.

Economic factors; Price hike; Common people; Unaffordability.

Hilsa (Tenualosa Ilisha) is not only the national fish of Bangladesh but also an inseparable part of Bengali culture, cuisine, emotion, tradition, and diplomacy. It is also known as hilsa shad and is domestically referred to as ‘ilish’ in Bangladesh. Hilsa can be found in inland, marine, and coastal waters throughout the year in Bangladesh and is the most important and largest single-species open-water fishery in the country.1 Nowadays, hilsa seems to be a luxury item locked away in the refrigerators of the wealthy people, while for the poor, it remains an elusive dream glimpsed only in television commercials or Facebook posts.2 Enjoying the taste of hilsa fish has become a rarity for the common people, as it is now considered a luxury item affordable mainly by the rich. The high market price of hilsa is the principal factor contributing to its unaffordability for the general people. For instance, in cities, hilsa weighing around one kilogram is selling for 1,900 to 2,000 taka per kilogram, while those weighing more than one kilogram are priced between 2,200 and 2,300 taka per kilogram. Hilsa weighing between 800 and 900 grams are being sold for 1,700 to 1,800 takas, those between 700 and 750 grams are priced at 1,550 taka, and smaller hilsa weighing 500 to 600 grams are being sold at 1,400 taka per kilogram.3 For lower-and middle-income families, buying hilsa is no longer an option-merely asking its price in the market feels like an act of courage. Even fish sellers remark, “This fish isn’t for the poor.” Yet, there was a time when hilsa was a staple in every Bengali household. Today’s children of common people only hear stories of the past-how their grandparents enjoyed fried hilsa with rice as part of their daily meals.2 On the other hand, for affluent families, hilsa has become a gourmet delicacy. Stocking three to four hilsa fish in a single refrigerator is now seen as a symbol of prestige. Moreover, gifting hilsa, organizing parties featuring hilsa pilaf, and hosting exclusive hilsa feasts have become markers of elite cultural practices. Hilsa festivals are now limited to luxury hotels and upper-class households. The situation has reached a point where, despite being the national fish, hilsa has become a symbol of class inequality. It is no longer the fish of the poor-it has become a delicacy reserved for the rich people.2 Although there is no doubt that hilsa fish deserves to be the national fish of Bangladesh, in recent times the important question could be, why should hilsa continue to be regarded as our national fish when most Bangladeshis can no longer enjoy their beloved delicacy? Is it reasonable to designate hilsa as the national fish if the vast majority of the population cannot afford to purchase and consume this fish? It nearly seems to make fun of the social and economic hardships faced by the average person.4To preserve hilsa as the national fish, it should not be restricted to the exclusive domains of the rich. The shimmering aroma of hilsa should also reach the humble homes of the poor.2However, there are several key economic factors behind hilsa becoming a luxury item for the general public, where the main driver is price hike. Limited supply due to population growth and illegal fishing practices, along with issues such as export, cross- border smuggling, inflation, and rising income and social inequality, have all contributed to the price surge. Additionally, the unique taste, high nutritional value, and deep cultural and diplomatic significance of hilsa mean there are few viable substitutes, further pushing up demand and price. The financial burden on fishermen and wholesalers from debt financing, combined with an inefficient supply chain and the dominance of ice market syndicates, also play a role. Notably, a major contributor to the high price is the unholy alliance between market syndicates and extortionist groups, who maintain control over the business.4Since hilsa is a symbol of Bengali identity-deeply embedded in our culture, emotion, and tradition-and is highly valued for its nutritional benefits, it should be affordable for all people of Bangladesh. Therefore, this study is essential for understanding the economic factors contributing to the growing unaffordability of hilsa fish for the general population. By examining these factors, the paper will provide deeper insights into how market intermediaries exploit marginal fishermen, and what measures can be taken to limit their influence on price hikes. It also explores the weaknesses within the supply chain that lead to post-harvest losses, and identifies the economic policies needed to reduce income and social inequality, curb inflation, and improve market efficiency. Furthermore, the findings of this study will assist policymakers, economists, and fisheries sector stakeholders in developing a fair pricing system that ensures hilsa remains accessible to all social classes, while also enhancing the