2024-03-11 04:24:28
The government is working relentlessly for the development and expansion of the private sector. However, some structural reforms need time to implement. Meanwhile, the contribution of the private sector to the economy is steadily increasing. Therefore, Finance Minister Abul Hasan Mahmud Ali said that these issues will be given importance in the next budget.
The Minister said these things while attending the pre-budget discussion organized by Dhaka Chamber of Commerce and Industry (DCCI), Samakal and Channel 24 at a hotel in the capital on Sunday (March 10).
Abul Hasan Mahmud Ali said that our government considers the private sector as the driving force of the economy. The government has always played a supportive role for the growth and development of the private sector. The views and expectations of the private sector will also be considered with great importance in formulating the budget for the next financial year 2024-25.
He said, the aim of our government is to make Bangladesh a developed, prosperous and sustainable smart country by 2041. Private sector partnership is essential to achieve this goal. We believe that the development of the country’s economy is possible only through the development of the private sector.
The Finance Minister said that our government has taken various steps for the development and expansion of the private sector. One of them is increasing the capacity of the tax structure by enacting and reforming income tax, excise and customs laws, automation, simplifying the tax payment process, rationalizing loan interest rates, increasing investment in infrastructure development and various incentives for businessmen.
He further said, we are working on how to implement these steps more smoothly. Hopefully the measures will be helpful in the development of the private sector. We want the private sector to grow more and play a greater role in the economic development of the country.
He said that an agreement has been signed with private organizations to install 7,000 EFDMS machines in Dhaka and Chittagong at the initial stage and gradually 300,000 machines in Dhaka and Chittagong for the purpose of expanding the Musk net through Electronic Fiscal Device Management System (EFDMS) at the wholesale product and service level. Developing the investment environment, formulating effective policies, providing services at the easiest and fastest time, undertaking effective infrastructural and human resource development activities.
Finance Minister Abul Hasan Mahmud Ali also said that in order to implement these steps, increasing revenue, reducing government expenditure, controlling inflation, establishing good governance of the country’s financial sector, establishing alternative industries to imports and other developmental activities will be given special importance in the budget this year. We hope that these steps will play an important role in our overall economic development along with the expansion of the private sector. The next national budget will be an encouraging budget for the private sector. We are working to solve their problems through regular discussions with the private sector.
He said, according to the forecast of the Global Development Cooperation Organization, the GDP growth in the coming days will be positive in our main export destinations USA and Europe and other trade partner countries. This is good news for us. Globally and in neighboring countries, inflation is expected to remain high in 2023, but it is expected to fall to 5.8 percent in 2024.
The finance minister also said that the trend of the economy is an ongoing process. It’s good now. The prognosis is good. It will help us in our work. In the first half of 2024, the price of fuel oil in the world market was slightly upward. Which is currently down to 82.5 dollars. So we hope that the forecast that the price of fuel oil will remain stable will help us in our work.
It has been a few months since we (the government) started working. We were facing quite a few hurdles. But we have already taken various steps. Growth in export earnings remains positive. However, there is a deficit of 1.93 dollars in the current account balance till 2023. Remittance income was 12.9 billion dollars till January 2024, which is 3.6 percent higher than the same period of the previous year. The rupee has remained stable against the US dollar and foreign exchange reserves stood at $26.34 billion as of March 6. The achievements of our government in the past years are – keeping the average growth rate of GDP above 6.60 percent from 2009-10 to 2022-23 despite the internal and external forces. Limiting the budget deficit to 5 percent of GDP. A gradual reduction in inflation. Keeping foreign currency exchange rates stable. Doubling the size of the government budget, revenue, government spending and foreign aid commitments. The government minister also mentioned increasing the size of the annual program, increasing per capita income and poverty alleviation.
DCCI president Ashraf Ahmed spoke at the meeting, former president of Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) and managing director of Ha-Meem Group AK Azad, member of the Standing Committee on Finance Ministry of Jatiya Sangsad. Abul Kalam Azad, Chairman of the National Board of Revenue (NBR) Abu Hena. Rahmatul Munim, Bangladesh Bank Deputy Governor Habibur Rahman etc.