Business of state is to provide a decent life to its citizens giving a wider and increased access to the needs. In order to do so, business of state always concentrates to provide a better access to five fundamentals (that is, food, cloth, shelter, education and health) maintaining an increasing curve nationally every year. A testimonial of significant success of business of state is gained when a state can maintain an increasing curve both national and international competition. In the eye of public policy, it is no matter, whether the state itself engages in business operation directly or not. A business can be owned and operated by private organization or individual. But through public policy, state has to ensure an increased decent life for its citizen which is considered success. However, either for a faulty policy or international policy influence or weak implementation of a policy, many polices have become dysfunctional or reverse-functional. The research for this paper, the first of its nature in Bangladesh, has been carried out by document review and government data analysis, questionnaires, desk study, interviews, and observation to understand the impact of Education for All-EFA (An international education policy) on state business of education in Bangladesh. Findings reveal that in order to meet the target of EFA, education policy both macro and micro levels has been changed rapidly and dramatically. Because of sudden change of policy, while state business of education gains only quantitative benefit declining qualitative achievement, private higher education enjoys a greater success in business using ‘commoditization theory’ in education.