Economic Reporters’ Forum (ERF) on Sunday proposed to reduce import duty of some basic commodities so that the prices of those goods come down in the markets to impact the high inflationary pressure on the consumers. The goods are edible oil, sugar, lentil and few others.
ERF handed over a set of proposal to Finance Minister Abul Hasan Mahmud Ali to be considered in the upcoming national budget for the FY 2024-25.
The meeting took place at the Finance Ministry conference room at Bangladesh Secretariat.
Finance Minister presided over the meeting while ERF President Refayetullah Mirdha, General Secretary, Abul Kashem EC members and economic field
journalists were also present on the occasion.
They also proposed to continue the subsidy on agri inputs and the garments is important, referring that higher agricultural production in the time of any hardship of the people in any economy work like a medicine.
Giving subsidy or increasing subsidy on agricultural production is important. If it is possible direct cash subsidy to the genuine farmers can be given so they are encouraged in farming.
The proposal mentioned that facilitating with direct subsidy to the cottage, micro, small and medium enterprises is important because these are the main strength of economy as they generate huge employments and contributes a lot in the GDP.
It said Bangladesh is going to be graduated to a developing nation from a least developed country (LDC) in November 2026 and the country will not be able to give direct cash subsidy to the exporters to be more competitive after the graduation as there are some restrictions on giving direct cash incentive under the WTO rules.
So, the government should give subsidy to the exporters in different names like technology up-gradation fund or skills development fund or in the name of any kind of fund so they can become more competitive after the graduation.
Referring that the availability of energy at an affordable price is a major challenge for Bangladesh, ERF proposal said the new industrial units are not being set up or the existing industries are not expanding anymore because of gas crisis or higher cost of energy. So, the government must need to ensure gas or energy in the industrial units at any cost.
Housing for the people became a major concern for the people because of higher costs of raw materials like rod, cement and concrete. The government should regulate and monitor the housing sector very carefully as people can make at least a home at an affordable cost for living. Also, the housing companies should be brought under surveillance so they cannot cheat the people.
The foreign remittance earners need to be taken care of because they are sending money for us. The embassies or foreign missions of Bangladesh cannot show less responsibility to our remitters abroad.
They need to be facilitated. For instance, the cost of going abroad needs to be reduced significantly as sometimes the dalal and some government officers harass them. Such kind of harassments should not be tolerated.
The airports police sometimes harass them in the name of checking without cooperation to them. Take different measure so the remitters feel engorged to send more money in formal channel.
"Banking sector is going through an unruly time. This important sector has not been following rule anymore. The people have been losing trust on the banks and it is noticed sometimes when some banks complain about the fall of deposit by the customers in the banks.
Create a trustworthy environment in the banking system", ERF proposed urging to not to allow any naughty person in availing any kind of untitled benefit for any reason like under political pressure or for any reason.