Prime Minister Sheikh Hasina on Friday said the proposed budget for fiscal year 2019-20 aims at social welfare and wellbeing for all.
Mentioning that the budget is designed for touching double-digit growth for turning Bangladesh into a high-income country soon, she said implementation of the outlay is very much possible.
“All parties will work together to implement the budget,” the premier said while briefing a post-budget press conference at Bangabandhu International Conference Centre in the city. To meet the expenditure, the government will not put burden on existing taxpayers rather identify new payers and thus the revenue target will be met, she said expecting that the measures outlined in the budget proposal would foster investment and encourage entrepreneurship side by side accelerate development works using mostly internal resources.
In her introductory remarks, the premier said in continuation of the Vision 2021, the government has again brought the perspective planning named 'Vision-2041' before the nation to turn the country into a peaceful, happy, economically enriched and developed one. "Our aim is to attain 10 percent growth within 2023, fostering private sector investment through ensuring improved infrastructure and investment friendly climate and also further increasing the size of ADP", Hasina added.
Replying to a media query, prime minister informed that opportunity of investing undisclosed money has been created, otherwise it will be sent outside the country. “If there is a scope of investing undisclosed money inside the country, none will question about it,” she added.
The premier said the government has formed a committee comprising members from Bangladesh Bank (BB), Anti-Corruption Commission (ACC) and the Office of the Attorney General to resist money flight. There in an international committee as well for this purpose and as a result people who are involved in capital flight are being arrested now-a-days.
Regarding implementation of single-digit interest rate for loans sanctioned by the private banks, prime minister said they must abide by the decision, otherwise they will face tough actions. "We have always tried to bring down interest rates to single digit. Accordingly, we have given some facilities to the banks but they did not follow it. Now we have given directions in the budget and stringent measures will be taken. If the rate is brought down to single digit then investment in the country will rise", prime minister added.
She said, the capital of the banks will gradually increase as necessary amendment will be brought in the Company Act. Tough actions will be taken against willful defaulters. Hasina mentioned that steps are being taken to strengthen the credit monitoring system of banks so that large volume credits can be monitored intensively. “We want to see good governance in the capital market, side by side a strong economy. We would like to see a matured capital market,” she added.
Mentioning that some changes have been brought in the VAT Act-2012, she hoped that business community would cooperate the revenue board wholeheartedly in implementing the new VAT Act. "The VAT Act is designed in a way so that prices of essential commodities see no rise. Online system is being introduced to ensure revenue income. Now, establishing EFD with NBR has been made mandatory with all business houses. So it will work effectively", prime minister pointed out.
She said, price rise of some special commodities has been suggested in the budget so that it may not create pressure upon all. Steps have been taken to reduce use of tobacco by increasing their prices. At the same time, this will help preserve health of the people. Allocation has been made in the budget to create employment opportunity. This fund will be used for meeting expenses of training in education, technology and technical-vocational sectors as we want people to be educated and self-reliant by taking effective trainings.
“More employment opportunity has been created in the rural parts of the country. As a result, day-labourers are not available in villages during the harvesting season,” she said. "Our aim is to create such opportunity so that no people remains unfed. We have established 100 economic zones. We are undertaking new projects every day where lots of people will find jobs and will be self-reliant", prime minister added.
Finance Secretary Abdur Rouf Chowdhury delivered address of welcome in the press conference while former finance minister AMA Muhith, Commerce Minister Tipu Munshi, Industries Minister Nurul Majid Mahmud Humayun, Agriculture Minister Dr. Abdur Razzak, Chairman of NBR Mosharraf Hossain Bhuiyan, Governor of Bangladesh Bank Fazle Kabir were present on the occasion.
This is to mention that this is for the first time prime minister has been present in the post-budget press conference and briefed newsmen over the summery of the budgetary measures proposed in the national budget.
