Noting that the country’s economy would be more dynamic through implementation of the proposed budget for fiscal 2022-23 ( FY23), Finance Minister AHM Mustafa Kamal on Friday said this budget would also be helpful for the marginal people since the poor class has been duly prioritized.
“This budget for the next fiscal year will be helpful for the marginal people ...all of those including the businessmen and the hard-earned people will be benefitted from it and we’ve prepared the budget in such a way,” he said.
The Finance Minister also claimed that the people of the country were not cheated over the last three years of his term as he has fulfilled whatever he pledged. “We’ve framed this budget considering each and every poor people,”
Kamal said this while responding to a volley of questions at a post-budget press conference held at the Osmani Memorial Auditorium in the capital.
Agriculture Minister Dr M Abdur Razzaque, Education Minister Dr Dipu Moni, Health Minister Zahid Maleque, State Minister for Finance Dr Shamsul Alam, Bangladesh Bank Governor Fazle Kabir, Finance Division Senior Secretary Abdur Rouf Talukder, NBR Chairman Abu Hena Md Rahmatul Muneem, Financial Institution Division Secretary Sheikh Mohammad Salim Ullah, Planning Division Secretary Prodeep Ranjan Chakrabarty and ERD Secretary Fatima Yasmin were present at the press conference.
Besides, minister, state ministers, secretaries and other high officials from different ministries and divisions were also present.
Kamal placed a Taka 6,78,064 crore proposed budget for the next fiscal year at Jatiya Sangsad on Thursday eying a 7.5 percent growth and containing average inflation at 5.6 percent.
The Finance Minister said that the development-oriented thoughts have been prioritized in the proposed budget highlighting the desires and expectations of the commoners.
“The next budget will go through a tough time as there will be many ups and downs. We’ll be able to be successful by overcoming all the barriers, Insha Allah. We want to move ahead taking the countrymen with us,” he added.
Kamal mentioned that when the whole of the world was affected due to the impacts of the COVID-19 pandemic, no organ of Bangladesh was affected while all the macroeconomic indicators were in good shape.
When asked about the integrated efforts from the government to deal with the price hike of essential commodities, he said that the governments render its efforts so that there is no mismatch between demand and supply.
He said although the overall budget size has decreased in percentage to GDP compared to the outgoing fiscal year, the government did not transfer its focus from expansionary monetary policy to contractionary monetary policy.
The Finance Minister claimed that the price of the locally produced items is now less, but the prices of imported products depend on the fluctuation of global market prices.
“But, I’m giving assurance that the instability in the market won’t persist for long. The government will definitely have some efforts and the government is also committed in this regard. The government won’t fail in this area. We’ll be able to deal with it taking alongside all,” he said.
When asked whether the initiative for giving amnesty to some Bangladeshis in legalizing their unreported assets abroad through providing tax would become successful, Kamal said that the government is not terming this as ‘black money’ rather as ‘undisclosed money’. “We’re trying to bring back that undisclosed money,”
He said that tax amnesty is not a new concept and Indonesia had brought back some $9.6 billion from abroad by giving such scopes in 2016.
“In giving such facility, we won’t raise any question and none will be questioned. Sometimes the money and assets become undisclosed due to the system,” he said.
Elaborating on the issue, the Finance Minister informed that some 17 countries of the world including USA, Canada, Germany, France, UK, Norway, Indonesia and Malaysia have given such amnesty.
“Sometimes there is mismatch, I have never told that there is no siphoning of money. Rather, cases have been filed against the accused and many of them have already landed in jail....we’re trying to bring back the money which has been laundered,” he added.
He also hoped that all concerned would avail themselves of such opportunity in the next budget and thus send back their money and assets to the mainstream of Bangladesh economy. “It’s my belief and they won’t be questioned. But those involved in Hundi will always remain in fear. The only one path is to abide by the government rules and regulations,” he added.
Replying to another question, Kamal said he is hopeful of deportation of former NRB Global Bank MD PK Halder from India.
Bangladesh Bank Governor Fazle Kabir said that the Bangladesh Financial Intelligence Unit (BFIU) is responsible for investigating money laundering, suspicious transactions, and cash transaction reports and it is performing its duty properly.
In the proposed budget, the government offered Bangladeshis a scope for legalising their unreported assets outside the country without facing any questions in the next fiscal year.
They will have to pay taxes ranging from only 7 to 15 percent in order to avail of this opportunity.
The opportunity will be in force starting from the first day of the new fiscal and will end on June 30, next year.
NBR Chairman Abu Hena Md Rahmatul Muneem said that through such amnesty, the Bangladeshis living abroad would be able to show and update their assets in the tax returns.
Supplementing on the issue, Agriculture Minister Dr Abdur Razzaque said since the Awami League government is a constitutional government and it abides by the rule of law, hence this amnesty would be implemented properly.
Kamal said this budget has been framed prioritizing the common people as well as considering the basic needs like food, education and health. Besides, the universal pension scheme will be launched while tax rates have been reduced so that there is more employment generation.
Asked whether the government has any ‘magic tool’ to deal with high inflation trend, he said that the government in this regard banks on the previous experiences from the start of the pandemic.
Mentioning that inflation is usually generated from within the country and also from ‘imported inflation’, Kamal said that the apparent tool is that the country’s people are flexible and tolerant enough to deal with such situations.
The Finance Minister said that measures have been taken in the proposed budget to patronize the local companies to move ahead with the “Made in Bangladesh” concept.
Replying to another question, he said challenges do not come alone, rather those also come up with immense opportunities.
“I believe in those opportunities. We’re working relentlessly under the dynamic leadership of Prime Minister Sheikh Hasina not to let the commoners into fear. Opportunities are opening up as the export earnings reached $50 billion in the outgoing fiscal with a staggering growth which no country in the world could achieve,” he said.
Kamal said that the inward remittance flow also reached $24 billion from $14 billion due to the cash incentives. “If we can increase the revenue growth to 40 percent, then I think there will remain no challenge,”
He mentioned that the foreign currency reserves totaled $48 billion within just 12 years of the assumption of office by the Awami League government as it was only $7 billon in 2009. “It could have been reached $50 billion if there had been no war between Russia and Ukraine... Insha Allah, the foreign currency reserve will again reach to $48 billion,” he added.
Responding to another question, the Finance Secretary said that the draft law on the Universal Pension Scheme is at the final stage and upon approval from the Cabinet, the draft law will go to parliament for enactment.
Rouf said that the government’s target of bank borrowing in the proposed budget would not create any possibility of crowding out of private sector credit, rather the banks would be able to invest their idle money.
Asked whether the high subsidy allocation of Taka 82,745 crore would pose any concern for the government, Kamal said there is nothing to be worried.
Supplementing this, the Finance Secretary said that the price of fuel oil, gas, soybean oil, urea fertilizer has increased in the global market while the government is also continuing with subsidy in the power and energy sector. “If the prices in global market decline, then there will remain no such problem. But, if the global price increases, then there will be a challenge,” he added.
Rouf said that the government provided some 4.50 lakh metric tons of rice to the poor people during the pandemic last year, adding that food subsidy in the next budget would increase.
He also informed that subsidy in the agriculture, power and energy sectors would be boosted in the next fiscal year to keep up the supply side. Besides, he hinted that some austerity measures would be visible from the very first day of the next fiscal year.
NBR Chairman Muneem said that the government’s revenue collection target usually increases every year and the government would also be near to the revenue collection target next year.
Foreign Minister Dr AK Abdul Momen on Thursday said Dhaka has already conducted feasibility studies on 23 countries for inking different kinds of economic deals while the country is opening up new markets to realize the current government’s economic diplomacy.
“We’ve already conducted feasibility studies on 23 countries for bilateral and regional trade agreement, free trade agreement and comprehensive economic agreement,” he said.
The foreign minister said this while inaugurating the First Economic Diplomacy Week at Foreign Service Academy in the capital.
He said the foreign ministry along with all Bangladesh missions abroad timing up with the commerce ministry have been engaged in the process of finalizing preferential and free trade deals with a number of countries.
“All of my colleagues and Mission heads have been advised to put additional efforts in achieving our goals of Economic Diplomacy,” said the minister.
He said Prime Minister Sheikh Hasina has outlined few roadmaps for achieving Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s dream of Sonar Bangla by 2041.
“And to help achieving those roadmaps, we have introduced two packages ... One is Economic Diplomacy and the other is Public Diplomacy and they reinforce each other,” he said.
For Bangladesh, Dr Momen said, Economic Diplomacy is more important as the country prepares for its transition from the Least Developed Countries (LDCs) group in 2026.
“This is also an important tool in our national efforts to achieve the 2030 Sustainable Development Goals (SDGs) and 2041 goals,” he added.
The foreign minister said Bangladesh Missions abroad are working relentlessly to ensure post-graduation preferential access of Bangladeshi products to the large markets such as GSP+ facilities in the European Union.
He said Bangladesh’s apparel sector is already on the move to gradually strengthen its backward linkage industries to achieve “double transformation” to meet the RoO (Rules of Origin) criteria of the GSP+ scheme.
As of now, he said, as much as 80 percent of the country’s exportable knitwear is already for undergoing double transformation, while it is around 50 percent for woven garments.
“Steps are afoot to diversify our export basket by prioritizing sectors such as ceramic industry, ship-wrecking industry, cement industry, pharmaceutical industry and knowledge-driven industries such as Information technology (IT),” he said, adding that Bangladesh is now exporting robots to South Korea, ships to India and pharmaceuticals to Europe.
Apart from being a booming domestic market, Dr Momen said, Bangladesh is also a strategic hub linking India, China and the ASEAN countries.
“Today, Bangladesh has the most liberal investment regime in the region, characterized by a wide array of facilities, attractive incentive policies and consistent reforms,” he said.
The foreign minister said 100 Special Economic Zones and 28 High-Tech Parks are being created with a view to encouraging investment and rapid economic development through increase and diversification of industry, employment, production and export.
Duranta, bicycle brand of leading business conglomerate RFL Group, has launched a campaign called ‘Shobdo Traash’ to create public awareness to prevent unnecessary honking.
RN Paul, Managing Director of RFL Group, inaugurated the campaign at a function held at RFL Group’s office in Badda on Tuesday.
The program includes training of drivers, publication of articles on the harmful effects of noise pollution in the media, dissemination of various awareness messages on social media and organizing roundtable to prevent noise pollution.
Addressing the occasion, RN Paul said, “noise pollution is a major problem in our country. Main reason for the noise pollution is unnecessarily honking. Because about 80 percent of the noise pollution in the country is caused by honking from different types of vehicles. The impact of noise pollution is terrible. High levels of noise put negative impact on person’s hearing and health.”
He added, “If we want to survive, we must stop unnecessary honking. There are many countries in the world where people do not honk at all. It is also possible in our country, if we want to do so. RFL Group has a corporate social responsibility as the country’s leading business group. We have launched this campaign to make the common people of the country, including the drivers, aware. ”
Md. Mahmudur Rahman, Chief Operating Officer of Durant Bicycle, said that in most cases, drivers indulge in unnecessary honking without realizing the impact it can have on health. The main objective of this campaign is to make the people aware about the uncontrolled honking and its harmful effects.
He added that four video content have been made to create awareness through digital platform at the beginning of the campaign. The speeches of the people, who played a role in creating a social movement to stop honking at different times, will be disseminated on social media. Besides, articles and columns related to noise pollution will be published in the newspapers as well as roundtable will be held with the participation of experts. Moreover, we will provide training to drivers across the country so that they don’t honk unnecessarily.
Md. Mahmudur Rahman said, “We will introduce E-bike in this year that will work as alternative to motorcycle. E-bike is environment friendly.”
Shariful Islam, Head of Marketing of Duranta Bicycle, Robin Khan, Senior Operation Manager and Khandaker Arif Hossain, Brand Manager and other senior officials of the company were present on the occasion.
Rangpur Metal Industries Limited, a concern of country’s leading business conglomerate RFL, has brought new cooker hood using latest technology to the market. Rangpur Metal Industries Ltd Director Md. Moniruzzaman has unveiled the product at an event held at RFL Group head office in Badda recently.
Addressing the occasion, Md. Moniruzzaman said, “The live of our country people have changed a lot. So that, we have brought a new featured cooker hood to the market to make daily lives easier and more comfortable. This cooker hood has various features including automatic motion sensor, touch control switch, auto heat clean technology, tempered glass panel, stainless steel filter and 750m3/h enriched air suction, which ensures the highest quality.”
He added that the automatic motion sensor can be used without touching the hand. In addition, a 2-watt LED light has been added to the hood to work safely in low light and a powerful 150-watt motor with two speeds has been used, capable of blowing 180 cubic meters of air per hour. As a result, lowering the temperature will bring relief to the kitchen.
Shariful Islam, Head of Marketing, Rangpur Metal Industries Limited, said, "Hot steam escapes from the kitchen for using the kitchen hood. This is why cooking becomes comfortable.”
At present, RFL has a total of 8 different types of cooker hoods of different sizes. The price ranges of cooker hoods are between Tk 7,060 and Tk 31,765. Buyers will be able to purchase the product from Best Buy and Easy Build. There is also a free home delivery and free installation facilities within a maximum of three days when ordering from the popular e-commerce site www.othoba.com .
Md. Nazmul Haque, Assistant General Manager (Operations) of Rangpur Metal Industries Limited, Finance Controller Md. Zahir Uddin, Deputy Manager (Accounts) Binod Kumer Sarker and Sub-Assistant Brand Manager Md. Ashrafuzzaman and other senior officials of the company were present.