Bring social protection to the fore
The national budget for fiscal 2021-22 should give attention to enhancing healthcare, social security, education, and employment in the united states while also protecting its industrial units from the Covid-19 fallout, analysts say at a webinar yesterday.
Besides, the provision of stimulus money for cottage, micro, compact and medium enterprises should continue to be able to support them weather the current monetary crisis, they said.
Many government officials, economists, businessmen, and researchers participated in the case, styled "Macro Economy: Expectation from National Spending budget 2021-22", jointly organised by the Institute of Chartered Accountants of Bangladesh (ICAB) and Financial Reporters Forum (ERF).
Instead of being enthusiastic about the country's GDP progress, the federal government should focus in improving the standard of life and public spending on production projects, they added.
"At least 1 % of the full total allocation for another budget should be set aside for social back-up programmes," said Masrur Reaz, chairman of the Insurance policy Exchange, an area think tank.
The government should put more give attention to ensuring a total financial recovery from Covid-19 and the effective implementation of allocated funds to avoid wastage, according to Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry.
For instance, despite the fact that the garment sector was presented with a stimulus package, around 8 per cent of its total workforce lost their jobs.
"So, the authorities worried should find a link between the funds and job safeguard," he added.
Mustafizur Rahman, a distinguished fellow of the Center for Policy Dialogue (CPD), said other than increasing the allocation for health care, ensuring effective and efficient spending is vital.
Faruque Hassan, president of the Bangladesh Garment Suppliers and Exporters Association, said they shed $6 billion worthwhile of business over the last year due to the ongoing pandemic.
"And so, restoration will take a lot longer than expected," he stated while trying to find the continuation of federal government support for the sector.
Ahsan H Mansur, executive director of the Coverage Research Institute, said Tk 15,000 crore should be allocated for medical sector found in the upcoming national budget.
He as well urged the federal government to ensure vaccination for everyone in the nation immediately.
Rizwan Rahman, president of the Dhaka Chamber of Commerce and Market, demanded that corporate tax come to be reduced by 2.5 % annually for another three years to create it 25 % overall.
"Although it is quite necessary, additionally it is quite difficult to comprehend if the tax net has increased or not over the past few years," stated Rupali Chowdhury, president of the Foreign Investors Chamber of Commerce and Sector.
Mashiur Rahman, the prime minister's adviser on financial affairs, said non-governmental organisations should take up a vital role in healthcare concerns.
ICAB President Mhamudul Hasan Khusru, ERF President Sharmeen Rinvy and Standard Secretary Rashedul Islam as well spoke at the function, moderated by Md Humayun Kabir, chairman of TCLC and a former ICAB president.
