Independent think-tank Center for Policy Dialogue (CPD) said when a government comes to power; it takes new initiatives in line with its electoral pledges. Yet nothing mentionable could be seen after the current government took office. It said an entrenched vested group is framing policies, taking the government in its grip as the government morally is not accountable to citizens while parliament has virtually become a rubber stump.
We have been expressing doubt about the so-called development for a long time. There is no accountability and transparency in any sector. The powerful vested group forces government to take policies in their favour. The CPD said the government sharply reduced withholding tax on export earnings to 0.25 percent from 0.6 percent, which will result in an annual revenue loss of about Tk 1,150 crore. It said the ratio of non-performing loans (NPLs) to the GDP is on the rise. Whereas the government is giving various benefits to the defaulters to encourage them, which will further deteriorate the health of banking sector.
CPD focused on the prediction to hit 8 percent growth this fiscal, the highest ever since independence. But it was estimated based on only five months’ data on industrial production and six months’ data on the financial sector. Data on crop production was almost absent when the GDP estimate was made.
While income gap between rich and poor is ever widened, the unemployment is all-time high, wealth is being accumulated to certain quarters, banking sector is in the verge of collapse, share market is sinking — at that time mesmerising growth rate is impractical and impossible.
It is known all over the world that where government is not accountable the bureaucrats feel free to hide the truth to show great success in the development of the country.
The contractors’ business of the project undertaking is good for corruption but is not an indicator of growth. Even high GDP shown by the government’s jugglers is suspected not to be true.
We hope that the government will disclose the data supporting its GDP claim. But it will be a big surprise if honesty is shown by the government.
