FBCCI describes budget as pro-people, business-friendly

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has hailed the proposed budget for fiscal year 2019-2020 (FY20) describing it as time-befitting and business-friendly, reports BSS.

In a press conference at FBCCI conference room today, the apex business body president Sheikh Fazle Fahim said the proposed budget is time-befitting as it has given special emphasis on social safety net, research and development, innovation and information communication and technology (ICT), infrastructure, socio-economic development, poverty alleviation, human resource development, education and health sectors.

“The government has proposed to allocate Taka 100 million for creating new entrepreneurs ‘Start Up’ among the youth. The initiative will help in creating employment,” he added.

He welcomed the initiative to expand quality technical and vocational education and training (TVET).

Fahim said the decision of giving rebate on total tax for taxpayers who employ physically challenged persons for at least 10 percent of the workforce will encourage the responsible practices among the business communities.

“The measures taken for power and energy and communication sectors in the proposed budget will accelerate investment, industrialization and employment generation. Public Private Partnership (PPP) will play a vital role to develop the country’s infrastructure,” he added.

The apex trade body president mentioned that the initiative of including Nano Technology, Bio-Technology. Robotics, Artificial Intelligence (AI), Material Science, Internet of Things (IOT), Quantum Computing, Blockchain and other similar technologies in education system is a creative idea.

“The initiative will help the country taking preparations to promote the fourth industrial revolution from the third industrial revolution,” he added.

He urged the government to give special emphasis on other financial tools, including foreign sources, infrastructure funds and infrastructure bonds for reducing pressure on banking sector.

Fahim appreciated the government for planning to give 2 percent incentive on money remitted by expatriate Bangladeshis from the FY20 to mitigate the burden of increased expenses in sending foreign remittances and to encourage bringing in foreign remittance through the legal channels.

“There are almost one crore expatriate Bangladeshis. If their money comes in the country through the legal channel, it will play a vital role in the country’s economy,” he added.

He also welcomed the government for taking initiatives for industrialization, agriculture development, ready-made garment (RMG) and pharmaceutical sector.

Welcoming the new VAT law, Fahim said it would bring comfort to the small businessmen. He urged the government to give extra concentration so no complexity can rise during the implementation of the new VAT law.

Finance Minister AHM Mustafa Kamal on Thursday placed the proposed national budget of Taka 523,190 crore for fiscal 2019-20 in parliament. The proposed budget is 12.62 percent higher than the main budget of the previous fiscal and 18.22 percent higher than the revised budget.