Treasury bench members on Wednesday termed the proposed national budget for fiscal 2017-18 (FY 18) as a guideline for the country’s development, as Bangladesh achieved success in various sectors.
They said Bangladesh under the leadership of Prime Minister Sheikh Hasina has already achieved tremendous success in different sectors like social security, agriculture, education, healthcare, power and energy and infrastructure.
Taking part in the budget discussion, the members of parliaments (MPs) described the proposed national budget for the fiscal 2017-18 as time-befitting, pragmatic and investment-friendly which would bring benefit for the mass people.
If all concerned put in their best efforts from their respective positions, it would not be tough to implement the planned development programmes and the new budget, they said.
The lawmakers also termed the new budgetary allocation as a brave step for a developing country like Bangladesh but it was exclusively possible due to charismatic, visionary and farsighted leadership of Prime Minister Sheikh Hasina, daughter of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Finance Minister AMA Muhith on June 1 rolled out a Taka 4002.66 billion national budget for 2017-18 fiscal setting the GDP growth target at 7.4 percent.
During the discussion, Liberation War Affairs Minister AKM Mozammel Haque called for properly presenting the proposed excise duty on bank deposit among the common people to provide a positive perspective.
He emphasized on resetting the excise duty ceilings of bank depositing amount to Taka 20 lakh from proposed Taka one lakh for welfare of the common people.
Professor Ali Ashraf termed the budget not ambitious but time befitting, saying the fiscal plan is a document of real development, adding, “Due to pragmatic steps of the government and necessary allocation in different sectors, Bangladesh witnessed a tremendous infrastructure development, an increased literacy rate and a significant fall in drop-out in primary school.”
He stressed on expanding tax net by further strengthening the National Board of Revenue (NBR) to increase the revenue collection for implementing development programmes.
The experienced lawmaker said the allocation in the proposed budget should be used properly and it would boost the country’s economy further in education, power, agriculture, health, gas and other areas.
Lauding the proposed budget for FY18, Dr Dipu Moni said the proposed subsidy in the essential commodities, agriculture, electricity, jute and jute made items, allocation for human resources development and social security programmes will move the country towards development.
She also underscored the need for insurance policy for expatriate Bangladeshis and crop insurance for farmers.
Dipu Moni also emphasized on forming a Financial Sector Reform Commission to ensure financial stability in the country.
Another treasury bench member Abu Syed Al-Mahmud Swapon stressed the need for concerted efforts to gear up the development activities of the country.
“The proposed budget is equity, development and welfare-oriented,” he said hailing the new fiscal measures that depict the way to transform the country into a role model of modern and welfare state by 2041.
Swapan called for maintaining the sources at tax 0.70 percent in the readymade garments (RMG) sector instead of the proposed 1.0 percent to make more vibrant the apparel sector.
Deputy Minister for Youth and Sports Arif Khan Joy, treasury bench members Tipu Munshi, Begum Fatema Zohra Rani and Anwarul Abedin Khan and Jatiya Party member AKM Maidul Islam also took part in the discussion.
