Budget designed to satisfy 'wide range of people'

Professor Dr Md Salim Uddin, FCA, FCMA, chairman of Bangladesh House Building Finance Corporation and Executive Committee of Islami Bank Bangladesh Limited (IBBL), presented a paper virtually on "National Budget 2021-2022: In the Pursuit of Economic Recovery." The Business Studies Group of National University, Bangladesh (NUB) organised it recently, says a press release.

Vice Chancellor of NUB Prof Dr Md Mashiur Rahman attended the webinar as the chief guest. Prof Dr Atiur Rahman, Former Governor, Bangladesh Bank, and Prof Dr Mijanur Rahman, former vice-chancellor, Jagannath University, delivered their expert opinion at the programme as the distinguished guests. Prof Dr Md Anwar Hussain, Dean, Centre for Post-Graduate Studies, Training and Research, NUB, delivered the welcome address.

Dr Salim Uddin, Professor of the University of Chittagong, said in his paper that from all discussions on budget and from the budget philosophy the government was determined to protect and save lives and livelihood by giving emphasis on the priority sectors and supporting businesses and marginalised communities affected by Covid-19 pandemic in order to pursue economic recovery within a stipulated time.

Dr Salim also remarked that in the national budget 2021-22, the government put in all efforts to satisfy, to make happy and try to convince or please a wide range of people at varying levels with tax cuts for businesses, a widened social safety net with handsome budget allocation, by giving highest priority to health, education and agricultural sectors in terms of allocation, tax incentives and other strategies and realistic target for the NBR compared to the revised budget 2020-21

The keynote presenter said that the budget had been able to address the functionalities in the areas of economy, stabilisation, distribution and growth. Both for economic recovery and industrialisation as well as fiscal simplicity government took major fiscal steps such as reduction in entity's tax rates, new and extended tax holidays for hospitals, IT, home appliances, three and four-wheelers and made-in Bangladesh products, reduction in advance income tax, reduction of duty on industrial inputs, lowering duty of tariffs on imports of microbus and hybrid vehicles, and Value Added Tax (VAT) exemptions at local level manufacturing stage and trading stage.

Prof Dr Md Mashiur Rahman said that they needed to think and formulate strategies regarding post pandemic education system. He also emphasised that the redistribution system should be redesigned to break the capitalist system because this system only helps people of the society who belong to higher class. He urged that the proper designing of the redistribution system.

Prof Dr Atiur Rahman, popularly known as the 'Economist of the Poor People' and a former Governor of Bangladesh Bank delivered his expert opinion on the programme. He stated that accountability and efficient administration free from corruption was the only solution to move ahead. He opined that more tax could be imposed on tobacco-related products to make people discouraged about consumption of tobacco. He further stated that poor people of the society spend a significant amount of money on consumption of tobacco. So, the only way to forbid them is to increase the tax rate on tobacco.

Prof Dr Mijanur Rahman identified some unique issues as a challenge in this pandemic situation e.g. cyber poverty gap, increasing income inequality, lack of budget implementation, and lower allocation in health and education sector. He also presented the scenario that comprises the budget of various countries of the world economy.

Deans, chairmen, high officials, faculties, students, alumni of different departments of the NUB, teachers of the various affiliated colleges, and faculty members of different universities from home and abroad participated in the webinar. Prof. Dr. Fakir Rafiqul Alam, Chairman, Business Studies Group, NUB presided over the webinar. The programme was moderated by Md. Saiful Islam, Lecturer, Dept. of Finance and Banking, NUB.