This fiscal’s budget (2019-2020), at Tk 523,191 crore, is ambitious and highest in terms of total allocation compared to those of the past. The budget will receive wide acceptance among the people. This is because though it aims to mobilize record revenue through tax collection, it will not impose burden on taxpayers. The budget has been prepared keeping an eye on achieving higher growth of 8.25 percent.
This budget is unique in many respects. The draft budget has allocated Tk1,43,429 crore (27.41% of sectoral allocation) in the social infrastructure sector that includes ministries of education, primary and mass education, health and family welfare. The allocation under the head was Tk1,23,525 crore in the revised budget of the outgoing fiscal year.
What is most important at the end of
the day is effective
implementation of the budget – sans
corruption, leakage and evasion
We are happy to note that the first budget of the re-elected government with a new election manifesto and a new finance minister has addressed the most pressing problems currently afflicting the country’s economy, which has given it a pro-welfare shape. What is surprising is that this year’s budget declaration has not left the oppositions with hundreds of complaints like previous years. Surely, this gives us the hope of seeing all the political parties working together for the proper implementation of the budget.
Budget implementation process is the major concern rather than allocation as execution process is not as efficient as it needs to be. There is inefficiency in the implementation process. Utilisation of resources is another drawback for budget execution as resources are not utilised to their full potential. Hence, there is a need for bringing major changes to enhancing the implementation capacity. Transparent and effective monitoring of budget implementation is absolutely crucial. An independent body could be formed to take the responsibility of this effective monitoring. What is most important at the end of the day is effective implementation of the budget -- shorn of corruption, leakage and evasion. Unless that is ensured, even an unlimited amount of resources would not be of any help.