In spite of the increase in per capita income, rising inequalities in health, education and other socio-economic indicators among different groups and regions would confront inclusive growth and development in coming days, say economists. According to a news report, per capita gross domestic product (GDP) in Bangladesh has increased eight times over the last two and a half decades as the $30-billion economy of the mid-1990s swelled to the tune of $411 billion in the 2020-21 fiscal year. In a keynote paper at a dialogue, the Research and Policy Integration for Development (RAPID) has underlined the importance of reforming the taxation structure, boosting investment in health and education, and increasing allocation for socio-economic protection to reduce inequalities.
Despite achievements on many fronts, it mentioned, some of the numerous challenges and vulnerabilities remain. The Covid-19 global pandemic has aggravated some of the longstanding challenges. Economists suggested that instituting an effective taxation system along with an appropriate redistribute policy mechanism is of paramount importance in attaining inclusive growth and development objectives. Reforming the taxation system to provide an appropriate emphasis on direct taxation can help reduce income inequality and promote fairness. A lack of fiscal space has constrained increased spending in important sectors such as health, education, and social protection. They called for creating an adequate number of productive jobs and upgrading the skills of the labour force.
In the prevailing situation, there is room for generating millions of jobs in these sectors alongside ensuring the quality of public services. Investment in public health and education can be seen as a major way of expanding the welfare of the poor and vulnerable population groups. However, political will is extremely important when it comes to addressing challenges like income inequality. If there is political will, it would be possible. We want to say the present trend of rising inequality in our society is worrying. In papers the country remains committed to achieving fair and equitable economic growth since independence. But the official policy to measure people’s well-being in terms of the faulty per capita income growth makes materialisation of this commitment more and more distant.
We see how our government functionaries have become expert truth manipulators. But the truth comes out and disaster follows. We have seen how few thieves and plunderers looted the country forcing the country to become unsafe and the jobless many dying in oceans while illegally going abroad in search of jobs. Our economic experts come out with half truth late. We want good economists must come out with the truth what achievement means. Mega construction projects of iron and concrete facilitating money laundering are not achievements.
