We are going through an unusual time because of the Corona crisis. Budget is the weapon of economic management. If the use of these weapons becomes conventional in the next financial year, the needs created by the health crisis will not be met. Because, now the priorities have changed.
What are the current priorities to keep the economy running? The first priority is to solve the problems of the health sector to keep the economy afloat. If we can’t get the majority of the population free from the virus, it won’t work. Sometimes the economy will be active, sometimes it will be stagnant.
The next budget will have to give importance to some issues in the health sector. If the vaccine does not reach the arms of 13-14 crore people, there will be no benefit. There is no shortage of money to buy vaccines. The World Bank, Asian Development Bank (ADB) is financing. Again the experience of ticker management is good so far. The main challenge at the moment is to collect vaccines. Whether we can get so many vaccines. Decisiveness and procrastination in vaccination has now become a habit. No problem with financing, no problem with management. Even then, it would be unfortunate if the vaccine could not reach the human arm.
The finance minister should give a clear direction or roadmap on vaccination in this year’s budget speech. This is what I expect from the finance minister. How many people have been vaccinated so far; How many people will be vaccinated in the next one year, how the vaccine will be delivered to the people, how much is allocated এসব these issues should be clarified in the budget speech. Ordinary people will be reassured if there is such a roadmap in the budget speech.
At the time of this coronation, the health sector has the same allocation as before in the Annual Development Program (ADP) for the next financial year. This allocation of the health sector in the ADP does not indicate the priority of the sector. Allocation is a reflection of will. And not increasing the allocation means that the opportunity of will is being obstructed. The economy will not be normal if it does not meet the challenges of the health sector as a whole.
It is necessary to identify which sectors of the economy will not be able to recover on their own. The cottage, small and medium industries are most at risk due to corona. The established sector like readymade garments is getting government support, while the foreign market is also turning around. But along with cottage industries, small and medium enterprises are also involved in connecting the domestic market and the export sector. Last year’s experience shows that incentive money cannot reach everyone through banks. Although he went to a medium institution, he did not go to the younger ones.
Corona should provide social protection to the unemployed and low income people of the country. So far, I hear there is not much for the new poor. Some initiatives like employment programs need to be taken in rural economy. Because, many have lost their jobs in the city and moved to the villages.
Corporate taxes need to be reduced to keep the economy afloat. Again, the minimum tax, regardless of profit and loss, if the advance VAT is withdrawn, the current capital supply of the organization will increase. If this is done, it will be good news for entrepreneurs.
I am in favor of completely closing the opportunity to whiten black money. Given such an opportunity, honest taxpayers are treated unfairly. Many will whitewash with less tax without declaring legal income. Given such an opportunity raises big questions about ethics.