20 Jun 2024, 19:29
Update : 21 Jun 2024, 10:10

Proposed budget is people-friendly: Ali

DHAKA, June 20, 2024 (BSS) – Finance Minister Abul Hassan Mahmood Ali today said that the proposed Taka 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.

State Minister for Commerce Ahsanul 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 that the World Bank has also said that Bangladesh has been performing better.

Speaking on the occasion, State Minister for Commerce Ahsanul Islam Titu thanked the Finance Minister for delivering such a nice budget considering the global context.

He said that this proposed budget would be effective in that sense of creating employments, 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 subsidized 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, 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, but it would play an effective role in containing inflation.

He said that it would be possible to increase the revenue generation through collecting VAT by electronic devises, 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 that 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 that this move would help to reduce production cost, boosting productivity and thus help to contain inflation.

Dr Sajjadul Hassan said that this budget is definitely a courageous budget. "The Awami League government thrives for ensuring welfare of country's people. The government of Sheikh Hasina is also for ensuring welfare of people. We'll have to keep an eye on subsidy in fertilizer so that the marginal farmers are benefitted."

Bangladesh Agricultural Economists Association Secretary General Dr Mohammad Mizanul Haque Kajol gave the address of welcome.

Local and international researchers, agricultural scientists, vice chancellors of various universities, teachers and agricultural economists attended the seminar.