Bangladesh Economic Association (BEA) on Saturday proposed a Tk 12, 40,090-crore national budget for the upcoming fiscal year 2019-2020. The size of the budget put forward by the economists is almost two and half times bigger than what the finance minister is set to propose for the next fiscal. Imbued with the spirit of the liberation war, and to materialise the dreams of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, the budget, is hoped to be approved in the next session of the national parliament to make the country a Sonar Bangla, BEA President, Prof Dr Abul Barakat, said at a press conference at CIRDAP auditorium in the city.
"As in the previous four years, we are placing the alternative budget proposals from the BEA targeting to build the economy and society free from disparity and also from foreign debt, and this year, the budget is being placed in 26 districts across the country simultaneously,” Barakat said. The alternative budget, proposed by the BEA has estimated an amount of Tk 10 lakh 2,510 crore revenue income of which 59 percent will be collected from direct tax, and 31 percent will come from indirect tax, meaning about 81 percent of the total budget allocation will be come from the government's own revenue sources.
"We have determined some 20 new sources of revenue earning, which did not exist earlier, in our alternative budget. The sources include preventing money smuggling, recovery of black money and wealth tax, where it is assumed the government can earn additional Tk 95,000 crore from these three sources, and from this amount, it will be possible to build at least 3 multipurpose bridges like the Padma Bridge every year," Barakat pointed out.
Barakat believed that in financing the budget, proposed by the BEA, there will be no need for any foreign debt because there will be basic qualitative transformation in the earning structure of the budget, the BEA budget will have a deficit of Tk 2,37,580 crore. And though some will say it is too high, it can be mentioned that in Japan, the budget deficit is about 256 percent.
On priority basis, the BEA has proposed highest allocation of Tk 2,84,500 crore in sectors like education and technology followed by the public administration, transportation & communication, power and energy, health, social safety net and welfare sectors. Regarding agricultural land and water body reforms, Dr. Barakat said, it is possible to allocate at least 2 lakh bighas of khas land among 1 lakh landless families, and at the same time, allocate 50,000 bighas of khas water areas among 20,000 real fishermen, but it is very important to direct the concerned officials to allocate at least Tk 3000 crore in the budget in this regard.
Proposing formation of agricultural crop production zones and offering fair price to farmers, Dr. Barakat mentioned that this year farmers will incur loss of at least Tk 500 crore in Boro farming, and that the government should be worried and take some measures in this regard urgently to ensure fair price to farmers.
Barakat further mentioned that every year 30 lakh people enter the country's job market, of whom, 20 lakh remain unemployed, thus the government needs to form a 'National Employment Plan and Implement Council' to eradicate growing human indiscrimination, supplying startup capital for youths and to allocate at least 5 percent of GDP to the education sector.
On ensuring women development and empowerment, he proposed to provide small donations to poor women, training, residential facilities and day-care for the garments workers, ensuring safe delivery for them, enhancing allocation 4 times in sports sector, 3 times for secondary education of female students and increasing allocation for preventing anarchy against women 30 times.
Barakat suggested all-out steps to face the habitual loan defaulters, but without shutting down their operating industries or factories. Proposing to bring at least 5 lakh VAT license holders under VAT coverage within 3 years, Barakat said, there is a total of 9 lakh VAT license holders in the country, but only 10 percent pay VAT.
"The government can earn an additional amount of Tk 2,500 crore from cigarette, Tk 1000 crore from bidi and Tk 1000 crore from other tobacco items every year by imposing abkari kor, or excise duty, on separate types of tobacco, and avoiding multi-slab price limit on cigarettes," he added. BEA General Secretary, Dr. Jamal Uddin and other senior leaders of the biggest professional body were present on the occasion. Dr Jamaluddin said the alternative budget of BEA was mainly drafted by a team of the association, led by Prof. Dr. Abul Barakat.
