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Proposed Budget 2024-25: A look at what consumers missed out on

Published : Friday, 28 June, 2024 at 12:00 AM  Count : 875
Md Khalilur Rahman Sajal
As the government exposes the proposed budget for the 2024-25 fiscal year, the nation is abuzz with analyses, debates, and predictions. While the budget introduces several initiatives aimed at strengthening economic growth, infrastructure development, and digital innovation, there are significant areas where consumers may feel left out. Here is a closer look at what is missing for consumers in this years budget.

This proposed budget seems to overlook the middle class, the engine of our economy. There are minimal changes to income tax slabs and exemptions, leaving many middle-income earners struggling with rising costs of living. The lack of significant tax relief or incentives means disposable incomes remain tight, making it difficult for families to save for the future or invest in themselves.

This proposed budget fails to adequately address healthcare, a major concern for many households. While the demand for improved healthcare services is rising, the budget only allocates 1.2% of GDP to health, far below the World Health Organizations recommended minimum of 5%.This budget offers no significant investment in upgrading public hospitals and clinics, extending health insurance to more people, or lowering the costs individuals need to pay directly for medical care. Consumers hoping for major improvements in healthcare are likely to be let down.

Despite educations crucial role in building a skilled human resource, the proposed budget allocates minimal new resources to schools and colleges. It offers no meaningful relief for students and families struggling with education costs. In the proposed budget, Bangladesh dedicates only 2.5% of GDP to education, falling short of UNESCOs recommendation (4-6%). The lack of substantial investment in scholarships, grants, or infrastructural improvements in schools and colleges is a missed opportunity to enhance the quality of education.

The budget fails to address the growing vulnerability of consumers in our increasingly digital world. As e-commerce and online transactions become the norm, robust safeguards are essential to protect individuals from fraud, scams, and unfair business practices. Unfortunately, this budget offers no new initiatives to strengthen consumer rights. Existing regulatory bodies responsible for handling consumer grievances and disputes remain under-resourced and potentially under-equipped to tackle the challenges of the digital age. This lack of focus on consumer protection leaves many vulnerable in a situation loaded with new and evolving threats.

A glaring omission in the 2024-25 budget proposal for Bangladesh is the lack of any concrete strategy to combat inflation, particularly the rising cost of essential goods. This is a major concern for many Bangladeshi households. The budget fails to mention the establishment or improvement of price stabilization funds for essential commodities like food and fuel. These funds act as a buffer, releasing reserves during periods of high demand or supply chain disruptions to keep prices in check and ensure affordability for consumers. Without such measures, the burden of inflation falls squarely on consumers. Everyday essentials become increasingly out of reach, squeezing household budgets and potentially leading to a decline in living standards.

The budget lacks detailed strategies on how the government plans to collaborate with the central bank to control inflation. Specific measures such as adjustments in interest rates or other monetary tools are not adequately outlined.

The budget offers minimal discussion on how to improve the supply chain, a key factor in controlling inflation. Streamlining logistics, storage, and distribution processes could significantly contribute to price stabilization. This lack of focus on supply chain bottlenecks is concerning, considering the current rise in essential commodity prices and potential issues with market manipulation.

As public concern for the environment mounts, consumers are demanding stronger government action on climate change and sustainability.  However, the proposed budget fails to dedicate significant resources to renewable energy projects, pollution control initiatives, or programs promoting sustainable development. This oversight represents a missed opportunity to tackle the environmental challenges that impact everyones well-being.

Despite existing social welfare programs, the budget disappoints by offering no significant new measures to assist vulnerable populations. This lack of fresh initiatives leaves unemployed individuals, the elderly, and those grappling with poverty without additional support. Expanding social safety nets would provide crucial relief to these struggling citizens, helping them bridge the gap and meet their basic needs.

The 2024-25 fiscal year budget, while commendable in many areas, leaves several gaps from the consumers perspective. Middle-class relief, healthcare, education, consumer protection, environmental initiatives, and social welfare programs are areas where the budget falls short. With the economy changing rapidly, future budgets need to better address these consumer concerns. A more balanced approach that benefits everyone is essential. Consumers will be keeping a watchful eye on future fiscal policies, hoping they will bridge these gaps and create an economic environment that includes everyone, not just some.

The writer is an Executive Director, Voluntary Consumers Training and Awareness Society (VOCTA)



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