The proposed budget for 2021-22 has a huge outlay of Tk 6,03,681 crore about one third of which will come in the form of deficit financing. Its total allocation for operating expenditures has been set at Tk 3,78,357 crore, while the allocation for Annual Development Programme (ADP) has been proposed at Tk 2,25,324 crore. The budget emphasises on health sector and, particularly on implementing a nationwide vaccination programme with a separate allocation of Tk 10,000 crore. Agriculture, employment generation, economic recovery and an expanded safety net for the poor are well planned but corruption and inefficiency at all level of the government remain the big challenge to properly implement those plans. The ADP has also earmarked huge fund for mega projects but revenue shortfall may hamper their implementation. The NBR revenue collection at 30 per cent higher this year seems quite impractical.
We agree with many that the GDP growth at 7.1 per cent also seems unrealistic. It was slashed downward from 8.2 per cent in the outgoing budget. By all probability it may be at best 6.1 per cent and the same may be the case next year based on the sluggish growth outlook impacted by coronavirus and shutdown. Our concerns during this budget mainly centres on how the budget will help recover small business and rural economy. The pandemic has devastated the poor and added new poor who need to be protected. The number of the new poor has leapt from nearly 3.5 crore to well over 6.5 crore during the two-year pandemic period. They come from middle class to lower middle class and poor to extreme poor. The new poor are suffering from various adverse impacts of poverty but most of them are silently suffering and not publicly seeking government help for societal reason.
We would say the government should develop a new method to identify those and reach out to them with help. It needs a totally new approach. A big safety net programme is not enough, local government officials and party men may launder the fund. We would also emphasise on the need for good governance and proper monitoring of budgetary resources. Proper planning to improve efficiency, transparency, accountability and oversight must be ensured. A small misuse of a big budget involves a big amount of money.
