The government has, in the first quarter of the fiscal 2014-15, implemented only 13 per cent of the annual development programme (ADP), the lowest in the past four years, that too, in terms of spending only.
The official drive to increase the number of tax-worthy people in the tax net has so far failed and the number of individuals who submitted tax returns to the National Board of Revenue (NBR) remains static at around one million in a country of 160 million.
The reasons of failure to attain the revenue raising target or to increase public and private investment were attributed for years to mainly procedural and technical bottlenecks. In our historically bureaucratic exercise of budget making and commissioning of development projects, there is no mention of political will which is indeed the most important determinant and impetus for development in any country.
However, in the aftermath of the January 05, 2014 balloting amid boycott of major opposition parties, the supporters of the current regime tended to argue that their first priority was development within the limitations of the polity.
The government, presumably, assumed this 'additional responsibility' of higher economic development to offset the criticism regarding their legitimacy by the major opposition parties. This means development is used as an excuse, not as an actual priority, to justify staying in office.
Unfortunately, the present government has not been able to create new jobs, be it at home or abroad, and there is no sign that the job market would become vibrant soon. The state of the education sector is arguably at its worst, as reflected in the university admission tests.
The government's ministers themselves regret that healthcare officials (doctors) are not found in their workplaces in rural Bangladesh. There are strong allegations against a section of healthcare-providing agencies and diagnostic centres but the regulatory agencies don't address those.
That the poor and the low-income group in the country are homeless is no more a new issue. But those who are a bit better-off - the fixed-income middle class people -- can't afford to buy homes in cities. So, the bubble of the housing boom in Dhaka city has ruptured since those who own easy money or dirty money are not interested in buying such assets now.
While the toiling farmers have managed to triple food production to feed the ever-increasing number of hungry mouths in the absence of fair prices of major produce such as rice, the country is losing arable land and farm labourers are withdrawing themselves from this not-so-attractive job. Nobody seems to bother about future food security.
We are making a backward journey instead of moving forward to capture overseas job market at this stage of globalisation, largely due to the failure in economic diplomacy and the image crisis of the government.
The huge gap between targeted growth and achievement makes it simple enough even for the commoners to draw conclusions about the health of the economy, not to mention the views of experts who bemoan the growth stagnation at around 6.0 per cent.
Reports and allegations of corruption galore. It is alleged that projects which witness quicker implementation are those which ensure quick money, windfall profits or embezzlement of public money by officials and their accomplices.
Then, where is good governance that the ruling Awami League had pledged in its manifesto before the polls in 2008?
In fact, democracy-deficit in governance has dealt the most devastating blow to our development. There is lack of business confidence and the entrepreneurs are loath to take risk of making new investments.
Bangladesh was born for democracy and the country's economy has grown during the years of elected governments. Economic development under a less democratic system is like a journey by train without a ticket.
The writer is Executive Editor at ICE Business Times. khawaza@gmail.com
