We hail the announced proposed national budget for fiscal 2024-2025. This year’s budget is a pragmatic, development-oriented and life and lively-hood friendly one.
Apart from ruling Awami League, leaders of different trade bodies, entrepreneurs, economists and leaders of other political parties welcomed the budget, expecting this budget will be helpful in building a smart Bangladesh and enriching the domestic industry by discouraging imports.
Attaching the highest importance to the lives and livelihood of the country’s people in tandem with development amid the global volatile condition and adversities, Finance Minister Abul Hassan Mahmood Ali on Thursday placed the proposed national budget with a 6.75 percent GDP growth target while containing the inflation at 6.50 percent.
This is the first national budget for the current Awami League government of Prime Minister Sheikh Hasina since it assumed office early this year after sweeping the January 7 general election. Economists and experts say the proposed budget will increase production and employment opportunity.
Business entrepreneurs will be encouraged to invest in industry which will result in generating employment opportunity in the country. Though the proposed budget is apparently ambitious, but it is development-oriented which would create vast opportunities for businessmen and private sector.
At the time of current global crisis, this year’s budget has been proposed. This budget has been prepared taking into consideration the promises and priority sectors mentioned in the party’s election manifesto. Special focus has also been given on controlling commodity prices.
Therefore, we believe the proposed national budget of Tk 7,97,000 crore with a revenue income of Tk 5,41,000 crore will create a ray of hope among people.
This budget will be
helpful in building a
smart Bangladesh and
enriching the domestic
industry by discouraging imports.
This budget is expected to facilitate faster recovery in various sectors of the country from shocks of the coronavirus crisis, especially to meet the challenges arising in the health sector and the issue of the application of vaccine.
Allocation has been made in the proposed budget to meet the targets of each ministry and divisions to address the adverse effect of the Russia-Ukraine and Palestine-Israel conflict, conflicting situation in the Middle East and sanction and counter sanction. This one will also keep the balance between the lives and livelihoods as it was the time-befitting thoughts of Prime Minister Sheikh Hasina to take the country forward.
Health, social safety net, education and other sectors got importance and priority in the budget. However, different political parties, organisations termed the proposed budget imaginary, saying it is not implementable.
However, they failed to provide any concrete suggestion to the government that how and in what way a good budget can be prepared during this crisis period. We think ensuring good governance, continuation of proper monitoring and collection of target revenue by increasing investment and production will be a big challenge for the government to implement the new proposed budget.
Simultaneously, the target revenue will have to be achieved at any cost. It is urgently necessary to frame plans and strategies to ensure more accountability and transparency in implantation of the budget so that lives and livelihood of the country’s people will be saved
This budget projected that under ‘Smart Bangladesh’, the country’s per capita income would reach at least $12,500, with less than 3 percent of the population living below the poverty line, and extreme poverty eradicated. It indicates the remarkable development that took place under the Awami League government led by Prime Minister Sheikh Hasina.
