Bangladesh will face significant economic crisis after this budget: GM Quader
UNB
Publish: 07 Jun 2024, 05:20 PM
Dhaka,
Jun 6 (UNB) - Jatiya Party (JP) Chairman GM Quader on Thursday said that
Bangladesh will face a significant economic crisis after the newly proposed
budget for the FY2024-25 and it cannot be called people-friendly.
"Due to indirect
taxes, the tax burden on people will increase, leaving no escape for the
public. The lack of a conducive environment will not attract foreign
investment, and thus job opportunities will not be created. Bangladesh will
face a significant economic crisis after this budget," he said following
the announcement of the budget.
He described the budget
as conventional, and said, "The budget mirrors previous years with nothing
exceptional. The country is grappling with an economic crisis, marked by rising
inflation and daily increases in the price of essentials. Unemployment remains
a critical issue. Our foreign exchange earnings are insufficient compared to
our expenditures, and reserves are depleting daily, devaluing our currency. No
steps or initiatives to address these issues are evident in this budget."
He also pointed out that
62 percent of the revenue comes from direct taxes, with the remainder from
indirect taxes, increasing the tax burden on mass people. "There is no
prospect of reducing inflation. Income tax is only 36 percent, import duty 10.3
percent, VAT 38.1 percent, and supplementary duty 13.8 percent. Even rickshaw
pullers and beggars have to pay these. We do not see any initiatives to protect
the poor," he stated.
He said that the losses
faced by the public are being portrayed as gains. "Not everyone has access
to electricity and gas. The government has emphasized gas imports but has not
taken initiatives to produce it, leading to a huge financial loss. Our energy
security is under severe threat," he added
He also criticized the
government's claim of achieving 30,000 megawatts of electricity production
capacity, saying, "In reality, only 13 to 15,000 megawatts can be
utilized. Load shedding occurs when 15 to 16,000 megawatts are needed. Despite
not producing the additional 15,000 megawatts, capacity charges are being
imposed."
END/UNB/ARJ/RT/ssk