The government, in line with its continuous endeavour to ensure inclusive economic growth, has finalised an employment-oriented budget for the next fiscal year (FY2019-20). Eradication of the rate of unemployment among the youths with higher education will get special focus in the upcoming budget, according to finance ministry sources.
The government is prioritising village-centric development projects so that rural youths do not have to rush to the urban centres for their livelihood, the sources said. Finance Minister AHM Mostafa Kamal recently told media, “Like every year the issue of creating employment opportunities is going to get top priority in the budget for the forthcoming fiscal.”
“The country’s people will get the benefits of the consistent growth of the national economy,” he said, adding, “Padma Bridge and several economic zones will be inaugurated in the next fiscal year. Besides, the completion of all the 10 ongoing mega projects in the coming few years will help create employment opportunities for a large number of people.”
The government also has a plan to give job to at least one member of every family to make them enjoy social security benefits. An 8.2 percent growth in the gross domestic product (GDP) has been targeted in the budget for the forthcoming fiscal as 8.13 growth would be achieved in the running fiscal. In line with the target of creating massive job opportunities, the upcoming budget would pay highest importance to investment. Programmes are being taken to encourage entrepreneurs to investment with a business-friendly budget.
Mentionable, according to an estimate of Bangladesh Bureau of Statistics (BBS), as many as four lakh youths with university degrees are now unemployed. “In comparison to the number of unemployed youths, employment opportunities are not being created in the country. As a result, a big number of graduate youths are remaining out of employment,” said a finance ministry sources, adding the government wants to reach the fruits of the acquired growth to these unemployed youths.
He said once the new 100 economic zones are created, huge employment opportunities will be created in the private sector. Moreover, the Padma Bridge will be commissioned in the next fiscal year. Once the bridge is inaugurated, a new horizon would open up for industrialisation in the southern region of the country.
“Activities at Payra and Mongla ports would be greatly accelerated. Besides, once the Rooppur nuclear power plant and Matarbari deep seaport are commissioned, employment opportunities for a large number of educated, uneducated and trained people will be created,” hoped the finance ministry official.
Sources said the upcoming budget will reflect the observance of the centenary birth anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. The ‘My Village My Town’ project would be stressed greatly in the budget as part of fulfilling the election manifesto of ruling Awami League.
The national budget for fiscal 2019-20 scheduled to be presented in the House on June 13 (Thursday) is going to be the maiden budget given by Finance Minister AHM Mustafa Kamal. It has been learnt that the new finance minister will not increase the rates of VAT and other taxes in the upcoming budget, but that he would take measures to expand the tax net.
The upcoming budget would stress on the implementation of Prime Minister Sheikh Hasina's ‘Vision – 2021’. The budget would target to fulfil the dream of making the country a middle-income one by 2021. In addition, the upcoming budget will also target to make the country a developed one by 2041.
In this regard, Additional Secretary to the Finance Ministry Md Habibur Rahman said the draft of the budget for the next fiscal has been presented before Prime Minister Sheikh Hasina. She is reading the pros and cons of the budget with special attention. As per the election promises, implementation of 'My Village My Town' project would start in the next fiscal. Allocation for the development of rural infrastructure will be increased to this end. The village will be developed in a planned manner. All types of civic amenities, including internet, electricity, gas, will be made accessible to the rural community.
The Jatiya Sangsad (JS) is going into its budget session this afternoon, according to the parliament secretariat. Finance Minister AHM Mustafa Kamal will place the national budget for 2019-20 fiscal in the House on June 13 (Thursday). It would be his (Kamal) first budget to be placed as the finance minister of Bangladesh.
It would be the third session of the 11th parliament and the first budget session of the Awami League government which assumed office after a landslide victory in the December 30 general election. The AL government is going to place its 19th budget in the Jatiya Sangsad and it is also 48th one in the history of country.
On May 13, President Abdul Hamid convened the budget session exercising the power bestowed upon him as per Clause (1) of Article 72 of the Constitution. The first session of the 11th parliament began on January 30. According to JS secretariat, the budget session for 2019-20 FY will begin at 5 pm tomorrow with Speaker Dr Shirin Sharmin Chaudhury in the chair. Earlier at 4 pm, the business advisory committee will sit at level-2 of the Parliament Complex to fix the tenure of the budget session. Leader of the House and Prime Minister Sheikh Hasina will take part in the meeting.
