Finance Minister Abul Hassan Mahmood Ali on Thursday said the proposed Tk 7,97,000 crore budget for the next fiscal year (FY25) is people friendly as the incumbent Awami League government is a government which belongs to the country’s people.
The finance minister said this while addressing a seminar titled “The economy of Bangladesh amid global context: National budget 2024-25 considering growth, inflation, food and nutrition security” held at Bangladesh Agricultural Research Council (BARC) in the capital, reports BSS.
State Minister for Commerce Ahasanul Islam Titu spoke it as the special guest with president of Bangladesh Agricultural Economists Association and Chairman of the Parliamentary Standing Committee on Civil Aviation and Tourism Ministry Sajjadul Hassan in the chair.
Former State Minister for Planning Dr Shamsul Alam spoke as the main discussant, FAO Country Representative Dr Jiaoqun Shi spoke as the guest of honour while Prof Dr Mohammad Jahangir Alam made the key-note presentation.
Referring to the various socio-economic progress of Bangladesh, the finance minister said the World Bank has also said Bangladesh has been performing better.
Speaking on the occasion, State Minister for Commerce Ahasanul Islam Titu thanked the finance minister for delivering such a nice budget considering the global context.
He said this proposed budget would be effective in that sense of creating employment, containing inflation and thus propelling the country’s growth.
The state minister informed that steps are underway to distribute the commodities of the state-run Trading Corporation of Bangladesh (TCB) at subsidised prices through cards so that there is no misuse and wastages.
Titu also stressed the need for ensuring effective use of agricultural subsidies, increasing use of surface water, increasing more participants of agricultural economists in improving supply chain, giving more attention on preserving the perishable items, and putting more emphasis on overall information management regarding demand and supply.
Terming this proposed budget as a courageous one and people friendly, former State Minister for Planning Dr Shamsul Alam said although the proposed ADP is not that big considering the ADP of the outgoing fiscal year, it would play an effective role in containing inflation.
He said it would be possible to increase the revenue generation through collecting VAT by electronic devices, mandatory provision for showing income tax returns for availing various services.
Dr Alam also opined that special attention should be given so that the bank interest rates are not increased anymore, otherwise the small entrepreneurs would be affected.
FAO Bangladesh representative Dr Jiaoqun Shi said the development of agriculture is very much important for the development of Bangladesh.
Welcoming the increased size of agricultural subsidy in the proposed budget, he said this move would help to reduce production cost, boosting productivity and thus help to contain inflation.
Dr Sajjadul Hassan said this budget is definitely a courageous budget. “The Awami League government thrives for the welfare of the country's people. The government of Sheikh Hasina is also for ensuring welfare of people. We’ll have to keep an eye on subsidies in fertiliser so that the marginal farmers are benefited.”
Bangladesh Agricultural Economists Association Secretary General Dr Mohammad Mizanul Haque Kazal gave the address of welcome.
Local and international researchers, agricultural scientists, vice chancellors of various universities, teachers and agricultural economists attended the seminar.
