Dhaka: Finance Minister Amir Khosru Mahmud Chowdhury today announced that the government is embarking on a comprehensive reform programme aimed at transforming the nation into a welfare-oriented state with a humane economy. This strategic shift is directed towards moving away from the existing oligarchic and patronage-based economic system to better serve the common people.
According to Bangladesh Sangbad Sangstha, the finance minister articulated the government's core philosophy during a roundtable discussion titled 'Budget in Times of Crisis and Public Expectations,' organized by the Bengali daily Prothom Alo in the capital. The focus is on democratizing the economy by integrating marginalized communities such as blacksmiths, potters, and handloom workers into the mainstream economic framework.
The minister highlighted plans to allocate special projects and funds in the forthcoming budget to support the creative economy, which includes industries like theatre, culture, music, painting, and artificial jewellery. A Finance Ministry press release detailed that 'Theatre Districts' will be instituted not only in Dhaka but also in other major cities to promote and globalize Bangladesh's cultural assets.
Additionally, Amir Khosru addressed initiatives to lower the cost of doing business by reducing excessive fees at ports, minimizing bureaucratic hurdles, and curtailing the number of required business approvals to 13. Over the next year, the government aims to digitize the entire economic and administrative system.
The finance minister also mentioned the development of a 'One Citizen, One Card' system for citizen services and emphasized daily monitoring of projects to ensure timely completion. In the financial sector, efforts are underway to bolster the capital and bond markets as viable alternatives to high-interest bank loans. This includes mandating companies with significant capital to enlist in the capital market and the introduction of 'Bangladesh Bonds' domestically and internationally.
On tax reforms, Amir Khosru outlined plans to assess the true market shares of multinational beverage and large tobacco companies to ensure fair tax practices and prevent evasion. A simplified flat-rate tax system for small businesses is also in the pipeline to reduce harassment from tax officials.
The minister emphasized a fundamental overhaul of tax policy formulation through a new bill, proposing a policy-making body with expertise in global and local trade dynamics, rather than relying solely on tax collectors. He urged citizens to remain patient as the government works towards not just GDP growth, but ensuring the benefits reach all citizens.
Prime Minister Tarique Rahman's strong political commitment was noted, with a pledge to complete all deregulation measures within six months. Amir Khosru expressed confidence that Bangladesh would become a welfare-oriented state within two years.
The roundtable, moderated by journalist Shawkat Hossain, was attended by notable figures including PPRC Chairman Dr. Hossain Zillur Rahman, CPD Distinguished Fellow Dr. Debapriya Bhattacharya, BIGD Professorial Fellow Dr. Selim Jahan, among others.