Tuesday, 19 October, 2021

National Budget 2021-2022

Govt emphasises on priority sectors for pandemic recovery

Says Dr Salim Uddin

  • Staff Correspondent
  • 12 July, 2021 12:00 AM
  • Print news
Govt emphasises on priority sectors for pandemic recovery

Government has given emphasis on the priority sectors through supporting businesses and marginalised communities affected by Covid-19 pandemic in order to pursuit economic recovery within stipulated time in the national budget 2021-2022, Bangladesh House Building Finance Corporation Chairman and Islami Bank Bangladesh Limited Executive Committee Professor Dr Md Salim Uddin said.

He came up with this observation while presenting a paper at the webinar titled ‘National Budget 2021-2022: In the Pursuit of Economic Recovery’ organised by the Business Studies Group of National University, Bangladesh (NUB) recently.

Dr Salim also remarked that the government has put its all efforts to satisfy a wide range of people with tax cuts for businesses, a widened social safety net with handsome budget allocation, by giving highest priority to health, education and agricultural sectors in terms of allocation, tax incentives and other strategies and realistic target for the NBR compared to the revised budget 2020-21.

He mentioned that the government has also been taken major fiscal steps such as reduction in entity’s tax rates, new and extended tax holidays for hospitals, IT, home appliances, three and four wheelers transport, and made in BD products, reduction in advance income tax, reduction of duty on industrial inputs, lowering duty of tariffs in imports of micro bus.

NUB Vice-Chancellor Professor Dr Md Mashiur Rahman attended the webinar as chief guest.

Bangladesh Bank Former Governor Professor Dr Atiur Rahman and Jagannath University Former Vice-Chancellor Professor Dr Mijanur Rahman delivered their expert opinion on the programme as distinguished guests.

NUB Centre for Post-Graduate Studies, Training and Research Dean Professor Dr Md Anwar Hussain delivered the welcome address.

NUB Business Studies Group Chairman Professor Dr Fakir Rafiqul Alam presided over the webinar.

The programme was moderated by NUB Finance and Banking Department Lecturer Md Saiful Islam.

Dr Atiur Rahman stated that accountability and efficient administration free from corruption are the only solution to move ahead.

He opined that more tax could be imposed on tobacco related products to make people discouraged on consumption of tobacco.

He further stated that poor people of the society spend a significant amount of money on consumption of tobacco. So, the only way to forbid them is to increase the tax rate on tobacco. 

Dr Md Mashiur Rahman emphasised that Government need to design the redistribution system to break the capitalist system because this system only helps people of the society who belongs to higher class.

He further added that low-income people should have right in the income of high-class society. Therefore, he urged about the proper designing of the redistribution system.

Dr Mijanur Rahman identified some unique issues as a challenge in this pandemic situation e.g. cyber poverty gap, increasing income inequality, lack of budget implementation, and lower allocation in health and education sector.