What is your opinion about the proposed budget?
It is not a realistic budget. An individual’s budget is known “to spend according to the income.” However, the proposed national budget is simply the opposite.
May be the finance minister proposed this budget Tk568,000 crore according to the expenditure, but his revenue collection budget is Tk378,000 crore, which not realistic amid the Covid-19 pandemic.
Do you think the government will be successful in implementing the budget?
Since the budget is unrealistic, it is a challenge to implement this budget successfully, especially for revenue collection.
The price of oil in the global market has come down a lot, which is the lowest in the last few years. If the fuel prices are reduced, it will have an impact on the economy. The economy will flourish, and consumers will benefit.
However, there was no mention about reducing oil prices in the budget speech. Consumers could have been a little more comfortable if it was included.
The budget in the health, agriculture and education sectors were satisfactory. Emphasizing on agriculture in the budget is positive.
It will be logical to take all steps necessary to strengthen the agriculture sector.
The allocations that have been made should be fully utilized. For example, every year Tk100 crore is allocated for women entrepreneurs, but remains unused.
What did you think about tax measures in the budget?
Increasing the tax-free income ceiling from Tk2.5 lakh to Tk3 lakh is appreciable. It would have been better if the limit was increased more.
But imposing tax on powdered milk, an essential staple for children, is illogical. They should reconsider it.
Increasing import duty and taxes on dredgers machines also will discourage investors fulfilling the Delta Plan 2100 vision. It is one of the prime minister’s priority projects to restore the navigability of rivers. The finance minister can reconsider it.
Increasing tax on mobile phone use can be imposed amid the pandemic as an emergency measure. But after this pandemic ends, it should be withdrawn.
What are the issues that need to be given more importance in the budget?
This budget is one during a crisis. Demand is the main driving force for any economy. The main economic driving force in Bangladesh was readymade garment (RMG) and manpower exports. But it would not be fair to expect economic revival from garment exports and manpower exports amid the current global recession and falling oil prices.
It is not logical to expect our productions, exports and incomes to increase. If the country's economy has to revive, the internal demand has to increase after this crisis. Money must be provided to the hands of buyers.
But how can be it done? I will say increasing employment and the income of buyers.
The budget should focus on purchasing power of the buyers, but we did not see any strong measures taken in the budget about this, as well as the income of lower class and lower middle class families.
Will this budget increase local or foreign investment?
Local or foreign investment depends on the overall economy. If the overall economic situation does not improve, then there is no basis to expect that investment will come automatically from abroad or local businessmen.
For economic revival, internal demand needs to increase since external demand is not promising right now.
