Business Initiative Leading Development (BUILD) on Thursday said that attaining 8.2 percent GDP growth would be difficult to achieve Considering global economic loss and impact on business in the country.
National Budget for the year 2020-2021 to the amount of TK 5.68 trillion, which is 13.24 percent higher than the revised budget of the current fiscal year 2019-20, has been placed with a targeted GDP growth at 8.2 percent.
“Considering global economic loss and impact on business in the country the growth target would be difficult to achieve,” BUILD said in a quick budget reaction.
In order to give a clear signal to the global community and the local and foreign investors, it said that the government should immediately prepare a COVID19 Recovery Plan and a well planned Exit Policy otherwise sustenance of economic growth and LDC Graduation target would be difficult to achieve.
The four main focused areas of the government, such as; health, education, agriculture and employment are very rightly chosen, all the announced policies and allocated budget for these areas needs to be spent and managed very ethically and practically in order to maintain its required growth path and succeed targets, it added.
BUILD Mentioned that some policies such as; increasing the tax-free income limit, reduction of advance tax on import of raw materials, increasing the threshold of turnover tax and reduction of turnover tax rate, increased allocation for the social security and welfare sectors, increased supplementary duty on cigarettes and mobile call rates, etc., also measures for reducing duties on PPEs, and other related medical equipment are appreciable steps. The government should extend special support to the interested manufacturers willing to export PPEs, surgical masks and other related products and support for raw materials import.
“A new horizon has opened for export diversification, Bangladesh can exploit these benefits.”
The target of revenue collection, 9.8 percent higher than the revised target, was termed a bit ambitious considering the present situation.
“Hassles for doing business need to be reduced, in that respect more automated process as targeted by NBR needs full implementation.”
Source: United News of Bangladesh