Dhaka – The Centre for Policy Dialogue (CPD), leading think tank in the country on Wednesday suggested that upcoming national budget for 2016-17 financial year (FY17)should focus on employment generation and increasing investment to expedite and ensure the quality of growth.“Agriculture investment has been lowered. It will create a big problem if the government revokes subsidies from agriculture. The government will have to increase the expenditure in the education and health sectors,” said Dr Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue (CPD).
Briefing on the findings of a CDP study report on “State of the Bangladesh Economy report for 2015-2016 fiscal (third reading)” under its flagship programme “Independent Review of Bangladesh’s Development (IRBD)” at CIRDAP auditorium in the city, Dr. Debapriya Bhattacharya, drew attention to develop infrastructure including administration, banking and financial institutions to sustain economic growth.
He said the government should put stress more on areas including revenue collection, employment, personal and industrial investment and Wealth mobilisation to ensure quality of growth.
He also underscored the need for arranging discussions on the government policies to ensure their implementation.
Revealing the report, CPD’s research fellow Towfiqul Islam Khan said the government should initiate diverse approaches without delay on new Value Added Tax (VAT) and Supplementary Duty (SD) Act. “If necessary a staggered implementation plan may be developed”, he added.
He put some recommendations including readjustment of administered prices of diesel and kerosene to share the benefit with the entrepreneurs and poor people and restructuring of public expenditure in favour of the social sectors and programmes to support the marginal people.
The government should pay highest attention to the Annual Development
Programme (ADP) implementation and emphasis should be given to important ongoing ADP projects alongside the ‘mega projects’, he said.
He also said that institutional and policy reforms are needed for carrying out revenue mobilisation, public expenditure and budget transparency.
CDP Executive Director Professor Mustafizur Rahman was also present at the briefing. – Agencies