Budget realistic: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has tipped the new budget as realistic in the current context of the Covid-19 pandemic. 

However, the success of the budget will mainly depend on its implementation, it said. 

"In the current situation, the size of the budget is not unrealistic to implement the government's commitment to meet the needs and aspirations of the people of the country," said FBCCI President Jashim Uddin.

The challenge of the budget implementation will be achieved through good governance, proper monitoring, investment and an increase in production, he said.

The FBCCI president said it is important to ensure clear direction and planning for enhancement of efficiency, transparency, accountability and quality of supervision in the implementation of the budget.

"The purview of social security has been increased to reduce unemployment and income-loss due to Covid-19. The ambit of old age allowance programme, disability allowance programme, widow and husband abuse women allowance programme has been increased which we think will play a positive role."

The targets set in the budget for power and energy, communication management and other infrastructure development will accelerate the process of investment, industrialisation and employment, he said.

The public-private partnership will play a greater role in the development of all these infrastructures.

The FBCCI president said they proposed abolishing the advance income tax (AIT) to decrease the business costs.

"The costs of business are increasing due to AIT. And so, we had proposed to abolish it. But there was no reflection in the budget in this regard," Uddin said.