"The country's economy is weaker than ever"
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"The country's economy is weaker than ever"
Barrister Anisul Islam Mahmud, deputy leader of the opposition party in the Jatiya Sangsad, has claimed that the country's economy is currently in the weakest position than at any time in the past.
He said, "As far as I know, having played a role in politics and as a member of parliament for a long time, there has never been a weaker situation in the past than this time."
Barrister Anisul Islam said all these things in an event titled 'Budget Dialogue 2024' organized at a hotel in the capital on Wednesday (June 12).
He said, on the eve of the transition from the list of least developed countries, the weakness was evident at the time when the country's economy needed to have the capacity to ensure a major adjustment.
Because of the crisis, the key question now is not whether macroeconomic stability will return or not. Rather, the question today is whether the economy will sustain under this pressure or not.
CPD's Board of Trustee Treasurer Syed Manzoor Elahi presided over the event, former Planning Minister MA Mannan, research institute Power and Participation Research Center (PPRC) Executive Chairman Economist Dr. Hossain Zillur Rahman, experts from politics, economy and private sector also spoke.
Executive Director of CPD Dr. Fahmida Khatun presented the keynote at the event. Dr. Fahmida Khatun claimed in the program that there is inconsistency in the target of macroeconomic indicators in the proposed budget.
Criticizing the decision to whiten black money with only 15 percent tax, Fahmida said it would encourage corrupt people. Honest taxpayers will be discouraged.
Identifying this opportunity to whiten black money as 'state sponsorship of cheating', Barrister Anisul Islam said that the money earned by theft, robbery and murder is also being given an opportunity to whiten.
Earlier, the ACC was given the opportunity to question the matter, but this power has been taken away. He asked in whose interest it was done.
Will the economy be strong by encouraging theft? Those who steal will bring money for the development of the country? In that case, I will take the opportunity to pay 15 percent tax next year instead of paying tax this time, he said.
Former Planning Minister MA Mannan commented that there is a need for a bold judgment analysis about how much this allocation is needed or how much benefit the people will get before allocating to various sectors in the budget.
He said that under the Annual Development Program (ADP) many projects had to be approved which I personally did not agree with. Again, I don't think these projects will be very useful.
Commenting that inflation in the country is mainly due to GDP growth, the former minister said that if growth is sacrificed, the standard of living of people will decrease. He also commented that many big economies have also followed the same path.
He said that at least 30 percent of the people are being helped through the government's social security program including providing food at an affordable price through cards, food in exchange for work, and if it were not for all these initiatives of the government, inflation could have been reduced by 15 percent.
But at the same time, the inequality in the country is also increasing, he said, historically, some sectors and groups have been fed and nourished since the British period and the Pakistan period. He also commented that there is a need to pay close attention to these aspects.
Dewan Hanif Mahmud, Editor of Banik Barta, believes that if efficiency can be ensured by controlling rent seeking, government expenditure, especially subsidy pressure, will be reduced.
He said that due to the efficiency of power management in India, the price of wholesale electricity per unit is a little more than five rupees. However, due to inefficiency, a large part of the subsidy in Bangladesh is going to this sector.
He also commented that the cost of implementing infrastructure sector projects is higher here than in many neighboring countries due to rent seeking.
Urging to determine the size of the unexibited part of the economy, he said, according to the estimate of the Ministry of Finance, 40 percent of the economy was unexhibited in 2012. He suggested that by redefining this size, it should be brought into the main channel of the economy as well as eliminates the inconsistencies of various agencies of the government.