Success of this budget will depend on implementation, says the CAB chairman
The Consumer Association of Bangladesh (CAB) has commended as well as made some critical observations about the proposed national budget for the 2020-21 financial year.
Talking to Dhaka Tribune, CAB Chairman Golam Rahman said the proposed budgetary allocation has been done following a traditional structure.
He said Finance Minister AHM Mustafa Kamal on Thursday proposed a budget, projecting a growth rate of 8.2% and expecting an inflation rate of 5.4%, where he hoped for a V-shaped recovery amid the ongoing Covid-19 pandemic.
“The target growth they are expecting is highly ambitious. I think in this crisis situation, the budget leaves a gap between expectation and affordability," Golam said.
“If they can achieve the revenue target, it will undoubtedly be one of the greatest achievements of the Finance Ministry. The budget raised the tax-free income ceiling for individuals to Tk3 lakh from the existing ceiling of Tk2.5 lakh, the first time in five years, which is good news for all,” he added.
He also said, mobile phone use and cigarette consumption are likely to become costlier, but the revenue obtained from these can be used to reduce the cost of other goods.
“However, as powdered milk is baby food, I think its price can be reconsidered,” he suggested.
The success of this budget will depend on implementation. It will not be fruitful unless unnecessary expenses, corruption, and mismanagement are reduced, he added.