Economists have said that implementation of the proposed budget for the 2019-20 fiscal year will be a big challenge.
However, they have mentioned the budget as visionary and a perfect reflection of the electoral manifesto of the present Awami League-led government.Eminent economist Atiur Rahman has termed the budget as a long-term vision reflecting the electoral manifesto of the ruling party.
Talking to the Daily Sun, Prof Atiur Rahman said, “An increased allocation for education, health and agriculture is aligned to that vision.” “I would have been happier if the threshold for minimum taxable income was raised to Tk 3 lakh as this would have meant a loss of only about Tk 70-80 crores but applauded as pro-disadvantaged.”
Prof Atiur has also appreciated the increased allocation for innovation and startups are good steps from the government. He has expressed concern over the ‘quality implementation’ of the budget.
“Best approach will be pursuing more public-private collaboration and taking help of Universities and technical institutions for encouraging startups,” Atitur added.
Policy Research Institute Executive Director Ahsan H Mansur has mentioned the revenue target ‘unrealistic’.
The present tax structure is unable to reach the ambitious mission of the finance minister, he added.“The finance minister has projected Tk 3.8 lakh crore revenue collection for the upcoming fiscal year which is not achievable in current pace of economy.”
“It needs 50 percent growth in revenue collection which is almost unachievable for our economy,” Economist Mansur explained budget review to the Daily Sun.
Mansur thinks the revenue goal may reaches to on around cross Tk 2 lakh crore.
Regarding the banking commission, the former official of International Monetary Fund, recommended for developing a body consist of sectors experts rather than follower.