Next budget needs to have economic recovery plans: DCCI

Staff Correspondent

11 April, 2021 12:00 AM printer

Speakers at a webinar urged the government to introduce specific guidelines and roadmap in the upcoming national budget for the recovery of the pandemic-hit economy.

Prime Minister’s Adviser on Economic Affairs Dr. Mashiur Rahman and BRAC Chairperson Dr. Hossain Zilllur Rahman joined the discussion as special guests, organized by Dhaka Chamber of Commerce and Industry (DCCI).

DCCI President Rizwan Rahman chaired the session.

Dr. Mashiur Rahman stressed the need to widen resources and utilize them properly for an inclusive economic growth.

He also said the tax regime should be made business friendly. Dr. Mashiur Rahman added the government should focus on the increased revenue collection for development.

He also said the government should also take initiatives to facilitate business and provide incentives to them.

According to him, frequent changes in tax rates may hamper business growth. He suggested gradual increase of taxes with a minimum time frame.

Dr. Hossain Zilllur Rahman said, “The second wave of virus is going on, which may have a huge implication on the economy. The next budget should have a recovery plan like the last year.”

 “Revenue collection and achieving the target is inevitable for a budget, and at the same time the government must consider incentives for the pandemic-hit businesses, especially the SMEs,” he said.

He argued, “For the growth trajectory, the domestic market needs to be incentivized beside the export sector as the domestic economy will be a growth driver.”

Dr. Rahman added, “We need a transition from cheap labour economy to skilled labour economy, and a game changing policy review needs to be famed.”

DCCI President Rizwan Rahman expected that the budget would have a clear indication for the economic recovery amidst the pandemic time.

“The government will surely consider a business-friendly, revenue-friendly and industry-friendly budget this year. The next budget will have a special attention on taxation and VAT policy, infrastructure, industry and trade as well as financial sector,” added Rizwan Rahmans.

 “If the government with the help of vibrant private sector works hand in hand Bangladesh will be able to recover its economic momentum despite the pandemic,” said DCCI president.