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New Budget

15 June 2006, 18:00 PM
LETTERS TO THE EDITOR
By Molla Mohammad Shaheen, Dept of English, DU
15 June 2006, 18:00 PM
Finance and Planning Minister M Saifur Rahman proposed the budget of Tk 69,740 crore for the FY 2006-07 in the parliament on June 8. If we examine the pros and cons of a budget, we can determine whether a budget is pro-people and visionary or not. To me, the proposed national budget of Bangladesh is visionless, over-ambitious and lacklustre. I read the full text of the budget exhaustively, but it seemed to be very traditional and mundane. It lacked high-yielding economic innovations, sophistication and acumen. The Tax Revenue (NBR) income target is 58.9% which may be ambitious. But it is positive that we are going to minimise our dependence on foreign donors. The most objectionable aspect of the proposed budget is its elephantine ADP of Tk 26,000 crore. I think it is nothing but a political bonanza for the ruling party rank and file to loot the state coffer. ADP does not incorporate any visionary project that will bring long-term returns for the country. The proposed budget lacks farsightedness in farm subsidy. Tk 12,000 crore has been earmarked for agricultural subsidy, but our Finance Minister did not mention how the allocation would reach the farmers. The politically powerful middlemen can avail this opportunity. The proposed budget has no special allocation for power generation and creation of employment opportunities that are vital for the country at present. Plus, in the proposed national budget there is no specific allocation to buttress SMEs and rejuvenate the moribund capital market. Mr.

Saifur Rahman admitted that mere duty rebate couldn't check the price hike. To control it rampant corruption, extortion and syndicated market manipulation should be eliminated simultaneously. But Mr. Rahman did not address these issues in his budget. I think the proposed budget is not supportive at all to materialise the PRSP and fulfil the MDGs. The fuel price hike will exacerbate the skyrocketing inflation that will punish the marginalised people. At present our country is suffering from acute power crisis. So, we hoped that the power sector would be underlined in this budget. Actually, to boost industrial productivity and woo more FDI, we need to revamp our power sector with urgency. I hope the Finance Minister will pay heed to the concerns and post-budget feedbacks of the taxpaying people, opposition parties and renowned economists.

We hope that post-budget parliamentary discussions will be more vibrant and productive.

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The budget has been subjected to severe criticism. The focal point of this criticism is block allocation, which if not utilised properly could be a means of political exploitation. A new programme "Government Safety Net" would be taken up to allocate the money as a form of loan to the unemployed and poor people. I think if this programme is successful it would be a step forward to poverty alleviation. The question of decentralisation has come under focus in the recent years. Most of the development works are getting concentrated in Dhaka. It is not good for the country's overall progress. So, if this safety net programme is duly operated in the rural areas for educational as well as development process it, it may produce good results. But the problem in our country is the lack of integrity of the people at different levels of governmental activities. So caution is needed.

Sayla Sowat Siddiqui, Elephant Road, Dhaka