Rangpur Chamber of Commerce and Industry (RCCI) in its instant reaction termed the proposed budget for the 2019- 20 FY as investment friendly to promote local small and medium scale industrialisation and employments.
After instant analysis of the proposed budget, on Thursday, RCCI President Mostafa Sohrab Chowdhury Titu on behalf of Rangpur Chamber expressed the reaction hailing the budget with few observations, criticisms and suggestions for its proper implementation.
Terming a number of proposed proposals as realistic, Titu said the proposed budget would increase foreign investments, enhance industrialization and create employments to raise gross domestic products (GDP) significantly.
“Special allocations for backward regions, char areas and marginal population, more incentives and subsidy for the agriculture sector to protect interest of farmers have given the proposed budget a pro-people, time- befitting and realistic shape,” Titu said.
Titu hailed the proposed maximum allocation for developing communication systems, Mega Projects like Padma Bridge with Rail Communication projects in the proposed national budget.
“The proposed steps for checking money-laundering and opportunity to make black money white would enhance private sector investments, increase productivity and create employment opportunities for unemployed youths,” he said.
Titu said formation of start-up fund for youths, increased allocations for development of human resources, electricity, fuel, transportation; communication and ICT, infrastructural development health, education and agriculture would help to attain SDGs.
“Special importance given on public-private partnership (PPP) sector would generate congenital atmosphere to enhance investments to accelerate industrialisation and create employments and cut poverty for substantially raising the GDP,” he said.
He lauded expansion of the social safety net programmes for advancement of the poor, distressed and backward people, welfare of the physically challenged citizens and extra facilities in addition to increasing monthly allowances for the freedom fighters.
Inclusion of more educational institutions under MPO, two percent incentives on remittance of expatriate Bangladeshis, launching crop insurance, extending tax holidays and special incentives to attract foreign investments would bring positive results.
Titu lauded proposal of enhancing periphery of social safety net through implementation of the “My village, my town’ programme would largely help to attain the SDGs by reducing poverty to the zero level by 2030.
The proposed tax facilities for imports of machineries for export oriented industries, reduction of taxes on some raw materials for safety of local industries and discouraging imports of luxury products to expand the small and medium scale industries sector.
“The local small and medium scale industries will flourish for continuation of VAT holidays for hand-made biscuits, cakes, bread, low-priced shoes, locally produced motorcycles and refrigerators to enhance the SME sector and create employments.
To attain set goals in the proposed budget with 8.2 percent GDP growth rate keeping inflation rate within 53.5 percent, Titu suggested for proper implementation of the budget by formulating proper strategies and ensuring transparency at all levels.
However, Titu expressed disappointment with no concrete direction in the proposed budget for speedy implementation of the special economic zone and IT Park in Rangpur to flourish trade, business and industrialisation in the backward Rangpur region.
“RCCI suggests the government for formation of ‘North Bengal Development Ministry’, separate loan, tax and VAT policies and special allocations for establishing garments, agro-based, heavy, medium and light industries in Rangpur region,” Titu added.
