June 18, 2021

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Excellent combination of life and livelihood

Professor of the Department of Accounting at the University of Chittagong and Chairman of the Executive Committee of Bangladesh House Building Finance Corporation and Islami Bank Bangladesh Limited. Md. Selim Uddin said the proposed budget for the fiscal year 2021-22 has been formulated and announced with the objective of accelerating livelihood and economic activities by adopting strategies to protect lives i.e. minimize health risks in the event of Kavid-19 epidemic. In the overall review, it can be said that this budget has reflected various aspects of extremely excellent coordination between life and livelihood. For example, budget allocation for health, social security, recovery of agriculture and economy, mobilization of economic activities, attraction of new investments, creation of new entrepreneurs, increase in budget allocation, various types of tax exemptions and tax exemptions have been given priority. Yesterday, Friday. Selim said this to Kal’s voice.

Dr. Selim Uddin said that while reviewing the budget implementation of the previous years, it is clear that the budget is not being fully implemented and the proposed expenditure allocation remains unspent. Due to which the planned activities under the proposed health, social security, infrastructure and other allocations are not being carried out properly. As a result of the total expenditure of six lakh three thousand 71 crore rupees allocated in the proposed budget, the amount of social welfare, health protection, economic prosperity, The positive results of infrastructural expenditure such as the promise of alleviating human misery and developing a favorable investment environment are not achieved. So the benefits and success of the proposed budget depend on the implementation. It is recommended that the expenditure plan be proportional on a monthly basis or quarterly basis. Otherwise there is uncertainty to get quality and work results. For example, in the current financial year, in the revised ADP allocation of about Tk 13,085 crore in the health sector, about Tk 4,000 crore has been spent in the 10 months from July last year to April this year. Which is 29 percent of the allocation. In this context, the Corona’s second budget includes health, social security, agricultural and economic recovery, economic stimulus, new investment attractions, new entrepreneurial class allocations, revenue incentives,

In the current year (2020-21) and the proposed budget 2021-22, the basic commitments of the government taken at different times including effective implementation of various policies, strategies, incentives announced to address corona and recovery of the economy in the two coronary budgets. Increased incentives for crores of rupees, prioritization of employment at government expense, reduction and discouragement of luxury expenditures, introduction of low interest loans for small, medium and medium enterprises, social security measures and increase in money supply in the market. Expecting. For example, the huge incentives for 23 packages are still cottage, micro, very small, medium, Small and medium enterprises and service providers engaged in the informal sector, especially agro-based and export-oriented industries, did not get the expected incentives for various reasons. Providing more assistance, including incentive disbursements, to the CMSME sector by introducing appropriate mechanisms will make a significant contribution to employment, rural economy and demand growth.

Dr. Selim said another important aspect of the budget is the allocation of a total of Tk 1,07,614 crore in the social security sector, which is 16.83 per cent of the budget and 3.11 per cent of GDP. The government had allocated Tk 13,745 crore in this sector in the financial year 2008-2009, which has increased almost seven-fold to Tk 95,564 crore in the current budget 2020-21. The goal has been set to increase the number of old age allowances, increase the allowances of freedom fighters, set up rehabilitation centers for the disabled, and implement social security programs through various programs including cash assistance. He said, “The rate of extreme poverty in the budget is 12 through the implementation of cottage, micro, very small, medium (CMSME) assistance, various programs in the health sector, importance in agriculture and social security programs. Plans have been announced to bring it down from 3 per cent to 4-5 per cent between 2023-24. I think this thinking is a significant aspect of the budget.

Prof. Selim Uddin said that in order to revive the rural economy and stop the migration from rural to urban, ‘Amar Gram Amar Shahar’ has been implemented in various local government and rural development sectors including rural road development and renovation, network expansion in uncontacted villages, one house one farm etc. The allocation of Tk. 41,010 crore will make a significant contribution in reducing the rate of coveted extreme poverty. In the proposed budget, various types of tax exemptions, revenue reforms and revenue facilitation have been made for the protection of domestic industries, setting up of new industries and expansion of existing industries to offset losses due to corona. Turnover tax is 0.5% to 0.25%, tax exemption is 2.5% for public and private companies, tax rate is 32.5% to 25% for individual companies. , Abolition of surcharge on incomeless assets, abolition of minimum surcharge, advance tax on industrial raw materials at import stage 4% to 3%, reduction on imported raw materials in cement and iron industry at 3% to 2%, establishment of ‘Made in Bangladesh’ brand in mega industry 20 years tax exemption, 10 years tax exemption for home appliance and IT addition industry, 10 years tax exemption for setting up professional training institutes for human resource development, 10 years tax exemption for setting up hospitals in Peri-Urban area (excluding Dhaka, Chittagong, Gazipur and Narayanganj), Tax exemption for automobile, three wheeler, four wheeler and light engineering industries, tax exemption for SMEs and women entrepreneurs have been given various types of tax incentives. Zero duty on import of fertilizers, seeds, pesticides, etc. in the agricultural sector will continue and concessional tariff rates for various machinery will be extended and various imported fruits, The imposition of duty on vegetables will enrich the domestic agricultural sector. Discount tariffs on imports of raw materials for the microbus, motorcycle assembly industry to discourage the use of risky vehicles will give a new impetus to the industries to survive and expand.

Dr. Selim said the proposed budget deficit financing of Tk 2,14,071 crore is a huge challenge. This is because borrowing extra budget from internal sources, especially from the banking system, can lead to liquidity crises and adverse reactions, including private investment disruptions. Therefore, implementation of the budget will be difficult if revenue collection and projected funds from foreign sources are not collected in time. Therefore, it will be difficult to fully implement the proposed budget if we do not show success in raising revenue and financing the deficit, especially in financing from foreign sources. Therefore, for the implementation of the proposed budget, administrative measures including various techniques will have to be taken more than at any time in the past.

Dr. Selim said that in the last three years, from 2016-17 to 2018-19, the gross domestic product (GDP) growth was 7.26, 7.8 and 6.15 percent respectively, and in the light of macroeconomic stability, the growth in 2019-20 was 7.2 percent. Contrary to the target, the global corona effect has achieved 5.2 per cent of the aggression in economic activity. In the budget for the current financial year (2020-21), the growth has been projected at 7.2 percent and the revised rate is 7.2 percent. In the budget for the next financial year (2021-22), the GDP growth rate has been set at 7.2 percent. This growth is likely to be achieved if economic activity, including market demand, is restored to its previous state. Because the main driving force of our growth is strong internal demand. The budget is projected to keep inflation at 5.3 percent.