  We propose a scheme for attaining slow and fast light via coherent control of
the hyperfine ground and excited states of an ultracold atomic system. The
proposed scheme is theoretically analyzed for the $D_1$ transition of ultracold
$^{23}$ Na atoms. The role of field detuning and field intensity on both the
population transfer and induced polarization is investigated. It is shown that
slow and fast light, with large bandwidth could be obtained in the proposed
system. It is inferred that both slow and fast light could co-propagate,
pertaining to different optical and Raman transitions. Further, it is observed
that switching between the slow and the fast light is achievable by controlling
the field intensity, as well as the field detuning.
