New industrial policy awaits cabinet body nod

Talha Bin Habib | Published: February 08, 2016 00:00:00 | Updated: February 01, 2018 00:00:00

The government is set to adopt a new industrial policy with creation of a high-priority industrial sector in focus to add an impetus to public-private partnership for spurring the economic growth.
Other priority areas in the newly-drafted policy are ship-building, pharmaceuticals, small and medium enterprises (SMEs), handicrafts, intellectual property rights and proper industrial waste management and a specific time-bound action plan.
The Ministry of Industries (MoI) has sent a draft of the 'National Industrial Policy-2016' to the cabinet committee on economic affairs.Â The committee is set to give its nod for it on Wednesday, sources said.
The policy has been drafted in line with the government's Vision 2021, the Perspective Plan 2010-2021, Sixth Five-Year Plan (SFYP) 2011-2015, Fourth Istanbul Programme of Action 2011-2020 and UN Sustainable Development Goals (SDGs) 2015- 2030.Â Â
The draft industrial policy will help gear up the industrial sector's contribution to the nation's gross domestic products (GDP), according to entrepreneurs. Â
A total of 63 government agencies, including ministries, departments, Bangladesh Bank (BB), National Board of Revenue (NBR), Board of Investment (BoI), Ministry of Commerce (MoC), Ministry of Finance (MoF), SME Foundation, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Dhaka Chamber of Commerce and Industry (DCCI) and other stakeholders made their suggestions for preparing the draft industrial policy.
The Sixth-Five Year Plan (SFYP) estimated that the investment requirements for infrastructure would go up from 3.0 per cent of GDP in the fiscal year (FY) 2010 to 7.0 per cent of GDP in FY 2015. Â
In practice, the actual increase had been 5.0 per cent of the GDP in the fiscal year (FY) 2015. Â
The 8.0 per cent growth target by the end of the Seventh Five-year Plan is attainable, provided necessary supporting reforms and policies are put in place, according to sources.
talhabinhabib@yahoo.com