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Budget realistic, business friendly: Rangpur Chamber

Published : Friday, 4 June, 2021 at 6:29 PM  Count : 1260

Budget realistic, business friendly: Rangpur Chamber

Budget realistic, business friendly: Rangpur Chamber


The proposed budget for the 2021-22 FY is realistic, job creation and public-welfare oriented and business friendly to face challenges of the coronavirus pandemic amid the matchless global economic recession.

In his instant reaction while talking to BSS here on Thursday night, President of Rangpur Chamber of Commerce and Industry Mostafa Sohrab Chowdhury Titu made these observations.
He hailed the proposed budget for the 2021-2022 FY raised by Finance Minister AHM Mustafa Kamal today in the (budget) session of the Eleventh Jatiya Sangsad.

Titu said the proposed budget placed in the wake of the Covid-19 pandemic would save the life and livelihood of common people along with healing the economy through successfully facing the multiple challenges.

"The proposed budget will play a crucial role in reviving the severely affected national economy for giving highest importance to the health, agriculture, education, food and social security, investment and job creation sectors," he said.

Thousands of people have currently become jobless, losing livelihood as the global economy is witnessing an unprecedentedly puzzling situation during the post second world war period due to the Covid-19 pandemic.

"The budget has proposed a number of courageous and realistic steps to overcome the severe challenges in every sector," he said, and highly lauded the proposal of expanding the periphery of the social safety net programmes.

He said various priority proposals in the budget like the health sector, food security and social safety-net, incentives and subsidies in agriculture, mechanisation of agriculture, skill enhancement, human resources and rural development and job creation are laudable.

He hailed the proposals for housing for the homeless poor and distribution of food among low-income people, special allocations for Covid-19-hit people, increase of subsidies in electricity, liquefied gas and foods and increase of revenue from the non-tax sector.

"Tax exemptions, tax incentives, skill development and expansion of light engineering industries to boost the rural economy and make IT-based activities easier and more accessible would promote local industries to accelerate economic development," he said.

Implementing incentive packages announced by the Prime Minister to combat the Covid-19 epidemic alongside sustaining old industries as well as setting up new industries and boosting trade and commerce, tax and VAT exemptions in various fields are laudable.

He appreciated the allocation of Taka 90 crore for women entrepreneurs for their economic empowerment at the grassroots level and massive tax exemption on the annual transactions of small and medium scale women entrepreneurs.

He said encouraging measures like special tax exemption for one-person companies, reduction of fines and simple interest rates for VAT evasion, extension of existing tax holidays in various sectors of industry would increase investments in the health, education sectors and promote local industrial protection and industrialization to enhance employment.

He lauded the initiatives to properly implement incentive packages to mobilize the industry and services sectors, disbursement of special funds for small entrepreneurs scattered in remote areas and increase credit to create employment through greater investment in the private sector.

Titu said proper implementation of the proposed budget would attract both local and foreign investments to speed up industrialization and create huge employment opportunities to enhance the gross domestic products (GDP) growth.

However, Titu expressed disappointment with no concrete direction and special allocations in the proposed budget for industrialisation, flourishing trade and business for employment generation in the economically backward Rangpur region.

He drew the attention of Prime Minister Sheikh Hasina to take steps in the revised budget for setting up of garments and agri-based industrial zones in Rangpur region and forming 'North Bengal Development Ministry' to create massive employment in the region.

He called upon the government for proper implementation of the proposed budget through formulating appropriate strategies and ensuring transparency and accountability at all levels on the way to build a developed Bangladesh by 2041 next.

SZA

Related Topics

Rangpur Chamber of Commerce and Industry   Mostafa Sohrab Chowdhury Titu   budget reaction  








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