Neither uncritical support nor blind opposition will help reach a correct and realistic appraisal about the proposed budget for the fiscal year 2019-2020 which starts from July 1. A painstaking and thorough analysis is needed to make a correct assessment of such an important financial plan. That is why experts in financial matters and the business community who have a big stake in the nature and quality of the budget are yet to give formal and final opinion on the budget, except for ready-made garment exporters, though some have already made passing initial comments on the plan.
Our idea is that there is no scope of seeing the proposed budget completely free from all constraints and challenges or rejecting it as totally worthless. Based on an initial analysis of budgetary allocations for different sub-sectors, it can be said quite confidently that this is, no doubt, a development oriented budget. The proposed financial incentives and policy support for the business sector ranging from start-ups to real estate business and RMG industries will surely help achieve the growth target and boost up the national economy. The high percentage of allocation for human resource, social safety net and infrastructure development including power and energy will further strengthen the foundation for a robust and vibrant economy, besides solid support to the disadvantaged sections of the society.But a successful implementation of the proposed budget for the next fiscal year hinges upon efficient resource mobilisation, especially National Board of Revenue’s goal of Tk 3.77 trillion from taxes, which makes up more than 62 per cent of the total target. The government will have to widen the tax net diligently to achieve the lofty objective of revenue collection without hurting any quarter. Needless to say, it remains the toughest challenge for the next budget.
Then there is the nagging question of poor project implementation. Utmost importance should be given to enhancing ADP implementation capabilities. With the solid foundation that the national economy now stands on, successful handling of the challenges will surely take the national economy to an even higher level and help reach the high objectives of a middle income country status and then a developed country one as is envisioned by Prime Minister Sheikh Hasina.