The nation saw the passing of the budget that was proposed earlier in June. In it a Tk 568,000 crore budget for 2020-21 fiscal year, targeting 8.2 percent GDP growth, was passed.
The budget has been designed as such that the most efficient and quick economic recovery can be made from the losses that had been incurred because of the Covid-19 pandemic.
With the slogan of ‘Economic Transition and Pathway to Progress’ it is anyone’s guess what the budget hopes to accomplish. Coming out of the recent dent in the economy that has been suffered by the country because of the coronavirus is the main objective and that slowly follows into the original objective of the country that is to grow into a middle income country by 2021. In the process the economy will also return to the pre-Covid-19 period scene.
Earlier, the Finance Minister AHM Mustafa Kamal on June 11 placed a Tk 568,000 crore (5.68 trillion) budget for 2020-21 fiscal year in the Jatiya Sangsad with a comprehensive plan that includes four main strategies.
The budget also mentions four key stratagems — discouraging luxury expenditures, subsidised interest rate for affected industries, social safety net programmes to protect the extreme poor and increase money supply to economy while maintaining balance.
These key strategies will surely give a lot of buffer area for the government to implement the budget and also come out on top without any shortcomings.
There is a big allocation in the rural and agriculture development of Tk 69,553 crore. This means that there is ample scope for development in the rural areas to increase output of crops and also expand on the side of agro-export.
Other than that the education sector as a whole is getting a massive allocation. It will be appreciative to see the full expenditure in this sector become fruitful.
Above all, the proper implementation of the budget is warranted by the general public. We hope that the improved budget that has been designed solely to come out of the pandemic era will bring about a bright future for Sonar Bangla.
