Staff Reporter :The next budget should focus more on human resource development and employment generation as achieving higher growth in future hinges on addressing these key issues, said a business leader. “A higher budgetary allocation is needed to favour human resource development along with substantial allocations for employment generation and social safety-net,” Mahbubur Rahman Sumon, Secretary General of Bangladesh-Greece Chamber of Commerce and Industries (BGCCI), told The New Nation on Tuesday in his pre-budget view.He added: These initiatives will help develop the much needed human capital, reduce poverty and accelerate GDP growth. Sumon said the issue of employment generation is vital when a large number of workforce is coming into the country’s job market every year along with diminishing employment opportunity in overseas job markets, including Malaysia, Saudi-Arabia and other Middle East countries. “This particular issue needs special attention from the government and the next budget should give a higher allocation under various job creation schemes to provide jobs for the unemployed youths,” he added. The BGCCI leader said that special budgetary measures are also needed to address infrastructure bottleneck, gas and power crisis and quick implementation of mega projects. Besides, approach would be made towards further development in education, health and other social sectors for achieving a sustainable economic development in line with the seventh fifth-year plan, he said.Finance Minister Abul Maal Abdul Muhith would place the national budget for the fiscal year 2016-17 in Parliament on June 4. Sumon, a textile sector entrepreneur, however, called upon the government to reduce tax at source to 0.3 per cent from existing 0.6 per cent on export of apparel products. He requested the NBR to consider it to be the final settlement from the budget for the next fiscal year.He also recommended the Revenue Board to set income tax at a minimum rate of 10 per cent from the existing 35 per cent for the next five years starting from next fiscal year.The BGCCI leader demanded withdrawal of 1 per cent duty on capital machinery import and 0.5 per cent minimum tax on gross receipts, withdrawal of source tax from purchase made through local letter of credit and duty and tax-free import of fire fighting equipment for compliant industries and withdrawal of VAT from purchase made through local letter of credit.
