A pro-growth and pro-business budget is the right approach, not just for immediate economic recovery, but also for the long-term health of our economy
Despite the less-than-perfect budget that was placed for the upcoming fiscal year, the budget’s pro-growth and pro-business nature is one that deserves plaudits, and will prove to be a tremendous a positive for the country.
The Covid-19 pandemic has ravaged economies across the world, and Bangladesh has been no different to its effects. Plenty of credit must be given to both the resilience of the Bangladeshi population and the authorities concerned for faring far better than most countries, particularly in the South Asia region.
However, Bangladesh continues to have certain economic ambitions and goals that it intends to fulfil — and it is no doubt that our pace of progress has been stunted by Covid-19. To that end, a pro-growth and pro-business budget is the right approach, not just for immediate economic recovery, but also for the long-term health of our economy.
Increasing production, reducing corporate taxes, incentivizing business owners, and improving social safety net schemes and having in place sufficient allocations for the marginalized groups — all will contribute to not just increasing employment and growth, but also the overall well-being of the population.
That being said, this year’s budget, just like any other year, has generated plenty of debate, discussion, and detractors; this newspaper itself has pointed out numerous areas where the allocation of the funds has been less than impressive, while also stressing the need to prioritize sectors such as health and agriculture over all others.
Therefore, moving forward, while there is much to praise in the 2021-2022 budget, it rightfully deserves some criticism in terms of policy. Bangladesh must continue to have a pro-active approach with regard to formulating policy, with the active participation of the general population, together with experts in relevant communities