FBCCI sees risks on energy, governance, political fronts

FE Report | Published: June 07, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) termed Friday the proposed budget for the fiscal year (FY) 2014-15 industry and investment-friendly while saying that its implementation would remain a big challenge.
"The size of the budget is not unrealistic. The challenges for implementing the budget are good governance, ensuring political stability, supply of fuel and power as required and achieving the target of revenue collection through increased investment and production," the FBCCI said in a statement in its post-budget reaction.
It also suggested paying special attention to the customs, income tax and value added tax (VAT) laws, apart from operating state-owned organisations under public-private partnership (PPP) arrangements and taking effective steps to lessen the waste of public funds.
"It is necessary to pay special attention to reforms of customs, income tax and value added tax (VAT) laws, increase efficiency of the revenue administration, select projects under the Annual Development Programme (ADP) in a transparent and efficient way and e-tendering for the ADP implementation," it added.
It said the proposed budget attached priority to agriculture, power and energy and infrastructure sectors. Besides, protection of local industries and expansion of the income tax net in the proposed budget would leave positive impacts on the overall economy of the country, it added.
The apex trade body also suggested infrastructure development and a cut in bank interest rates to encourage the private sector as it contributes a lot to the growth of Gross Domestic Product (GDP).
It also welcomed the budgetary initiative for development of the tourism sector.
"We welcome the positive initiatives taken in the proposed budget for creating skilled manpower through providing international standard training in the apparel, construction, information technology (IT), light engineering, shipbuilding and leather and footwear sectors," the statement said.
It said effective steps had to be taken for fulfilling the revenue collection target by increasing administrative efficiency of the National Board of Revenue. "The FBCCI believes the proposed budget will help fulfill the people's aspiration for economic development of the country," the statement mentioned.