The Centre for Policy Dialogue (CPD) today made a set of recommendations for the national budget of next fiscal year (FY23) including expansion and scaling up of social safety net programmes (SSNPs) to raise the well-being of the people.
The civil society think tank also demanded for separate programmes for the workers including provision for comprehensive health insurance.
To ease the burden of rising prices and shrinking purchasing power of low-and fixed-income earning people, CPD has proposed that measures be taken to selectively reduce taxes at import and domestic stages and stabilise the exchange rate.
In order to contain the budget deficit, the think-tank also proposed measures to enhance domestic resource mobilisation and raise both capacity and efficacy of public expenditure.
The CPD presented the recommendations at a budget discussion for the next fiscal year (FY23) at its office in the city.
CPD Executive Director Dr Fahmida Khatun presented the recommendations for the budget.
She suggested increasing the revenue collection by eliminating the inefficiency of the National Board of Revenue as well as increasing the use of technology.
She said the philosophy embedded in budgetary proposals in developing country context is redistribution of income favouring the marginalised groups and communities.
In the context of Bangladesh, she said, this is even more urgent in view of the rising income and wealth inequalities which have been further accentuated by COVID-19 and the rising pressure on purchasing power of the common people leading to erosion of real income.
CPD hoped that the government will look at FY23 budget as an opportunity to secure the well-being of the marginalised people, revive the Covid-19 impact on economy and stimulate private sector's investment, she added.
About implementation of infrastructure projects, CPD proposed that the government set up an independent oversight mechanism to examine feasibility and assess economic and financial returns, financing modality, debt-servicing liability and ensure overall good governance.
CPD has stressed the need to implement the long-overdue reform measures including the direct income tax act and reforms of the state owned enterprises (SOEs) and has reiterated the need to undertake a comprehensive public expenditure review and set up an independent banking reforms commission.
From a medium-term perspective, concrete steps and allocations have been urged in view of the transition from fossil-fuel based energy to renewable energy and the urgency of embedding green growth in development strategy.
Distinguished Fellow Professor Mustafizur Rahman, Research Director Dr Khondaker Golam Moazzem and Senior Research Fellow Towfiqul Islam Khan also spoke at the session.
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