Good governance key challenge to implement budget: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday said good governance is a major challenge in implementing the proposed budget for fiscal 2022-23.

FBCCI President Md Jashim Uddin came up with the remark at a press conference on post-budget reaction held at FBCCI Building in the capital's Motijheel.

He said, “The size of the budget is very timely to implement the government’s commitment to meet the needs and aspirations of people in face of inflation due to Covid-19 pandemic and the Russia-Ukraine war.

Jashim Uddin noted the importance of ensuring clear direction and planning for the continuous development of efficiency, transparency, accountability and quality of supervision in the implementation of the proposed budget.

He proposed to put stress on employment growth, increased domestic investment, increased food production and continued fertiliser subsidies, emphasis on health, education and human resource development, export diversification, job creation and rural development and completion of PM incentive packages and expansion of social security initiatives in the budget.

Jasim also expressed his dissatisfaction for not implementing the FBCCI’s recommendations related to tax and VAT.

Replying to a query, the FBCCI president said the trade body does not support money laundering and it brings back the process by paying a nominal tax. This will discourage honest business in the country, he said.

FBCCI senior vice president Mostafa Azad Chowdhury Babu, BKMEA President Mohammad Hatem, DCCI President Rizwan Rahman and leaders of various organisations were present at the press conference.

Finance Minister AHM Mustafa Kamal placed the budget of Tk 6.78 lakh crore for FY23 in the National Parliament on Thursday.

The proposed budget’s expenditure for FY23 is 14.25 percent more than the revised budget for the outgoing fiscal year. The proposed budget is 12.32 percent more than the original budget.