Editorial Desk :
THE budget for fiscal 2017-18 is quite unprecedented so far but what troubles economists and business leaders is that it lacks clearly spelled out allocation to translate our growth potentials into employment generation. The government budgetary spending is only growing but joblessness of our educated youths and ordinary workforce is also on the rise to raise question about the government development strategy whether it means pauperizing the common people without care.
It appears that the Finance Minister has unveiled the huge budget of Tk 400,266 crore to run a highly expensive regime when the economy is plagued by a dip in remittance and down turn in export earning. But the Finance Minister seems to be counting on an aggressive revenue scheme without looking at the affordability of the tax-payers that include 15 percent VAT, additional excise duty on bank accounts, air tickets and supplementary duty on almost every kitchen items and so on.
We have a budget deficit of over 119,000 crore while the government is planning to borrow Tk 2,11529 crore that include long term and short term borrowing from banks
and funds from sales of saving certificates. Broadly speaking it shows that the entire Annual Development Programme of Tk 1,55252 crore to come from borrowing when 48.35 percent of the revenue budget will go for public administration. Since the government has developed a financial system based on ever larger borrowing, 17,25 percent of the forthcoming budget or Tk 41,431 crore will go for debt servicing at a time we are increasingly mortgaging our future to past debt service liabilities.
The leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Dhaka Chamber of Commerce and Industry (DCCI) said at a joint press briefing after the budget. They have expressed concerns over lack of identified allocation for job creation for the country’s highly educated unemployed youths who now constitute 47 percent of the total unemployed workforce.
Prof Wahiduddin Mahmud has also voiced concerned saying for the past few years, total investment in the economy – both in public and private sectors — has lagged behind domestic savings even with supply of more foreign ingestible resources. There is an investment tardiness that needs to be urgently addressed; he said to accelerate public sector investment for job creation in the economy.
It appears that our government is now pursuing a development strategy that aims at collecting more revenue by pauperisation of the general public. The job creation for young ones lags behind. The unemployed are used for human trade like slave business of the past. Gas price has increased three times in three stages. Export has diminished. Those who save in bank are being forced to pay tax more for discouraging them to save and take the money out of the country.
The bureaucrats are asked to produce false statics to hide shameful incompetence and pauperisation of the general public is shown as development.
THE budget for fiscal 2017-18 is quite unprecedented so far but what troubles economists and business leaders is that it lacks clearly spelled out allocation to translate our growth potentials into employment generation. The government budgetary spending is only growing but joblessness of our educated youths and ordinary workforce is also on the rise to raise question about the government development strategy whether it means pauperizing the common people without care.
It appears that the Finance Minister has unveiled the huge budget of Tk 400,266 crore to run a highly expensive regime when the economy is plagued by a dip in remittance and down turn in export earning. But the Finance Minister seems to be counting on an aggressive revenue scheme without looking at the affordability of the tax-payers that include 15 percent VAT, additional excise duty on bank accounts, air tickets and supplementary duty on almost every kitchen items and so on.
We have a budget deficit of over 119,000 crore while the government is planning to borrow Tk 2,11529 crore that include long term and short term borrowing from banks
and funds from sales of saving certificates. Broadly speaking it shows that the entire Annual Development Programme of Tk 1,55252 crore to come from borrowing when 48.35 percent of the revenue budget will go for public administration. Since the government has developed a financial system based on ever larger borrowing, 17,25 percent of the forthcoming budget or Tk 41,431 crore will go for debt servicing at a time we are increasingly mortgaging our future to past debt service liabilities.
The leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Dhaka Chamber of Commerce and Industry (DCCI) said at a joint press briefing after the budget. They have expressed concerns over lack of identified allocation for job creation for the country’s highly educated unemployed youths who now constitute 47 percent of the total unemployed workforce.
Prof Wahiduddin Mahmud has also voiced concerned saying for the past few years, total investment in the economy – both in public and private sectors — has lagged behind domestic savings even with supply of more foreign ingestible resources. There is an investment tardiness that needs to be urgently addressed; he said to accelerate public sector investment for job creation in the economy.
It appears that our government is now pursuing a development strategy that aims at collecting more revenue by pauperisation of the general public. The job creation for young ones lags behind. The unemployed are used for human trade like slave business of the past. Gas price has increased three times in three stages. Export has diminished. Those who save in bank are being forced to pay tax more for discouraging them to save and take the money out of the country.
The bureaucrats are asked to produce false statics to hide shameful incompetence and pauperisation of the general public is shown as development.
