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Black money in unproductive sector to affect industrialisation

  • Published at 05:57 am June 11th, 2013
Black money in unproductive sector to affect industrialisation

Dhaka Chamber of Commerce and Industries (DCCI) on Monday said the budget for next fiscal year proposed to allow investment of black money in the unproductive sectors, which would affect the ongoing industrialisation of the country.

The budget proposed to allow the undisclosed money for buying lands and flats that would stimulate land prices as well as discourage investment in productive sectors, leaders of the trade body told a post-budget press conference in Dhaka.

DCCI President Sabur Khan thanked the finance minister for increasing the tax-free income threshold and offering tax rebate for the small investors.

He, however, expressed concern that the development programmes would emerge as one of the major sources of vested political interests if 100% protection against corruption in the implementation of the infrastructure projects can’t be ensured.

The DCCI president said huge dependence on rental power plants will not be beneficial for the country’s economy in the long run. The business community would like to see a guideline on when the government would do away with it.

He said construction of Padma Bridge would be a big challenge for the government.

He urged the government to take steps to stop corruption and ensure compliance and accountability in revenue collection as well as in implementation of the Annual Development Programme (ADP). “The business community and people are not still clear how the revenue will be collected. The government must give a clear roadmap in this regard.”

The DCCI president also pointed out that the business community is facing immense hassles due to “the lack of good governance in the law implementation.”

He called upon the opposition to cooperate with the government in implementation of the budget by placing a proper planning and design for the implementation of the development works.

He said the business community also wants the government to speed up the slow implementation of the four-lane upgradation of the Dhaka-Chittagong Highway that has not been addressed in the budget bill. 

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