Only 2.5 million people out of 25 million under the tax net actually pay their taxes, said Mohammed Farashuddin, economist and former governor of Bangladesh Bank, at a webinar on Sunday.
Half of the entire bank deposits is now in the hands of 43,000 bank account holders, he also said, at the webinar styled "Reduction of Inequality and Establishment of a Decent Society: Where the State-Government Will Get Money".
Bank managers do not feel comfortable to provide incentive packages to 2.5 million small and micro entrepreneurs. They are only willing to lend to people they know, the economist lamented.
To solve this problem, the BSIC, SME Foundation, and PKSF need to be institutionally empowered. If necessary, these entrepreneurs need to be provided with loans at 1% interest, also by using venture capital funds, said the former central bank governor.
The webinar was held in light of economist Prof Abul Barkat's recently published research book "Society-Economy-State on the Big Screen: In search of a Better Bangladesh from the Catastrophe of the Virus”.
The major powers that are responsible for the security of the world are working to destroy the people. In today's world, not even 1% of the money spent on war and weapons is spent on people, said Prof Anu Muhammad, another economist.
The growth rate of the affluent class in Bangladesh is the highest in the world, at the same time the rate of environmental pollution is the highest. Construction cost of large projects in Bangladesh is also the highest in the world, thanks to corruption, said Muhammad, who is also member secretary of the national committee to protect oil, gas, mineral resources, power, and ports.
In order to build a decent society, social security must be ensured in Bangladesh. Public health care must be provided. Allocation of funds for deadly projects like the Rampal Power Plant, Rooppur, Matarbari and others should be stopped, because they are increasing human poverty, said the economist.
