June 20, 2021

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Economic Association’s budget proposal of 16 lakh crore

The Bangladesh Economic Association has proposed an alternative budget of Tk 18 lakh 36 thousand 617 crore for the fiscal year 2021-22. Abul Barkat, president of the association, presented the alternative budget proposal at a virtual press conference on Tuesday. The press conference was held under the title ‘Covid-19 and Alternative Budget for Overcoming Socio-Economic Recession: Proposals of Bangladesh Economic Association for FY 2021-22’.

The number of poor people in the country has increased. As a result, the coverage of social security has to be increased. Abul Barkat, president of the association, said that additional taxes should be imposed on the wealthy and the super-rich.

Regarding the budget, Abul Barkat said, ‘We think the budget will be expansionary. We have proposed a budget of 16 lakh 36 thousand 617 crore, which is 3.8 times more than the current government’s budget. Like him, there is no benefit in cutting the budget or balancing it, the balance has to be brought in the economy.

Abul Barkat opined that in order to ensure a decent life for the people, the government should create huge jobs like New Deal in the United States in the 1930s. He said it would not be possible to do so at the private level at this time of the epidemic.

The Bangladesh Economic Association has identified 26 new sources to increase the government’s revenue in order to cope with the impact of the coronavirus and build a Bangladesh in the spirit of the liberation war. In the national budget for the financial year 2020-21, the total revenue income was 3 lakh 72 thousand 13 crore taka.

The Bangladesh Economic Association has proposed to increase this income by 3.3 times for the coming 2021-22 financial year to the tune of Tk 18 lakh 37 thousand 617 crore. The association is of the view that it is possible to finance this budget by putting pressure on the three sectors – extra profit, black money and money laundering.

General Secretary of the Economic Association. Jamaluddin Ahmed said, ‘We have been coming up with this alternative budget since 2015, this is our seventh budget. I hope the government will consider this budget proposal.