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Govt aims for cashless economy by 2031

June 09, 2024 00:00:00

The government has set an ambitious target to bring all types of transactions under cashless system by 2031, with the aim of fostering a 'Smart Economy', reports UNB.

The government has pledged to make 'Smart Bangladesh' by 2041 with four basic pillars -- Smart Citizens, Smart Economy, Smart Government and Smart Society.

The goal of the Smart Economy is to create a circular economy that is fueled by modernisation of industry, the expansion of the ICT sector, and a strong technological foundation.

An official document presented in parliament highlights the objective of achieving complete cashless transactions by 2031, alongside attaining an average per capita income of USD 12,500 and eradicating poverty by 2041.

The roadmap also includes achieving a 2.5 per cent Total Factor Productivity (TFP) growth in GDP by 2041, while ensuring the digital inclusion of all private sectors, including Cottage, Micro, Small, and Medium Enterprises (CMSME).

It mentioned that priority will be given to frontier technologies in technological capacity building and setting regional precedents in the use of technology to facilitate business.

Frontier technologies refer to the leading edge of technological progress, often representing the most advanced and groundbreaking innovations. These technologies are at the forefront of scientific and technological research and are expected to have a profound impact on various industries.

Frontier technologies can include advancements in areas such as biotechnology, nanotechnology, quantum computing, and advanced materials.

Frontier technologies refer to cutting-edge and innovative technologies that are at the forefront of scientific and technological advancements.

These technologies often represent the leading edge of progress in various fields and have the potential to bring about significant changes in society, the economy, and other aspects of human life.

The term "frontier" implies that these technologies are pushing the boundaries of what is currently possible and are exploring new frontiers of knowledge and capability.

"A minimum of 50 unicorn startups will be created by 2041 through research, innovation and the introduction of an entrepreneurial economic system," the document said.

In business, a unicorn is a startup company valued at over US$1 billion which is privately owned and not listed on a share market. The term was first published in 2013, coined by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.

Currently, Bangladesh has more than 8000 startups. Of these, Bkash and Nagad have become Unicorns. Globally, Bangladesh is number 39 in terms of total Unicorns created.

The document also said that 3 percent FDI (Foreign Direct Investment) in GDP will be ensured by 2031 through ease of doing business to increase business potential and develop Bangladesh as a frontier technology regional export hub by 2041.

To improve the position in the international ranking of ease of doing business by creating an effective service platform by 2026 to increase business potential.

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