Budget investment-friendly: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has welcomed the proposed budget, terming it business- and investment-friendly one. The country’s apex trade body, however, expressed its concern over the government’s decision to meet the budget deficit through taking loans from the banking sector. Newly elected FBCCI president Abdul Matlub Ahmad came up with the views at a post-budget press conference at the FBCCI conference room on Saturday. Matlub Ahmad said the inflow of loan to the private sector will experience a negative impact if the government takes huge loans from the banks to consolidate the budget deficit. Noting that the implementation of the budget is a big challenge, he said every year the government has to revise the budget for its failure to arrange funds and spend money properly. The government should start monitoring the budget implementation from the very beginning as there might be mismanagement if the budget is revised, he said. The FBCCI chief urged the government to slash the bank interest rate to single digit and adjust the revenue and monetary policy. He also urged the government to either remove advance income tax on industrial raw materials or keep it within 3 percent. The FBCCI also thinks the proposed budget for FY 2015-16 will be supportive for the country’s overall development and meeting the demand of vast population, according to UNB.