Bangladesh Economic Association (BEA) proposes a Tk 12-trillion for the next fiscal, 1.57 times bigger budget than the current national one, and shows sources of funding.
Recovering the siphoned-off money, black money and imposing different kinds of taxes are among the budget-financing strategies broached by the platform of economists.
In their estimate, nearly Tk 12 trillion had been siphoned off from the country in 50 years since the fiscal year 1972-73 till FY 2022-23.
The economic association also recommends recovering 0.49 per cent or Tk 50 billion of the smuggled money in the imminent budget for fiscal year 2024-25.
The BEA came up with the suggestions and estimations at a press conference titled 'Alternative Budget Proposal 2024-25: Improved Bangladesh-Oriented Budget', held at its office in Dhaka's Eskaton Garden, barely three days before the placement of Bangladesh's annual budget in parliament.
President BEA Qazi Kholiquzzaman Ahmad, General Secretary Professor Md. Aynul Islam, former president Prof Abul Barkat and former General Secretary Dr Jamaluddin Ahmed were among others present at the news conference.
Professor Aynul Islam presented the BEA-framed alternative budget proposals which mostly focused on addressing all sorts of inequalities-income, wealth, nutrition, health, education, accommodation and the like.
Also highlighted are some must-dos such as taming the wayward inflation, rational distribution of national wealth and generating decent employments under government initiative.
Terming the alternative budget a 'welfare-oriented' one, Mr Islam said the total budget including development and operation outlays is Tk 11.95 trillion.
"Our proposed budget is an expansionary one," he said, adding that the BEA has made 341 recommendations in 24 large areas.
According to the BEA proposals, the government can reduce the budget deficit by recovering the black money and the siphoned-off money.
The association believes huge black money has accumulated in the country's economy and recovering only 0.98 per cent in the FY 2024-25 can help the government accrue Tk 100 billion.
Along with the recovery of illegal money, the association recommends 27 new sources of government earnings, including wealth tax, tax on excessive profit, foreigners living in Bangladesh, and tax on luxury goods.
Mr Kholiquzzaman Ahmad said the country's economy has been facing multiple challenges like higher inflation, depletion of foreign reserves and volatile foreign-currency rates.
Banking sector suffers from a lack of good governance, excessive default loans and other issues.
"Priority should be given to thwarting the wicked quarters in the sectors while transparency, accountability and monitoring have to be ensured," he told the press meet.
Responding to a query he also said similar to that on the commodity market vested quarters are also active in the banking sector.
"The spirit of the great liberation war should be put in place for the safeguard of country's economy," he said.
Prof Abul Barkat said the BEA in its alternative budget recommended establishing an independent commission on corruption, black money and money laundering.
"The key assignment of the commission will be continuously investigate and research on corruption, black money and money laundering-related affairs and share the findings with the commoners through media every three months."
The BEA has presented proposed alternative budget for the last one decade.
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