Different chamber bodies in separate statements have said the target of 7.2 per cent GDP growth for the next financial year is ambitious and judging on
previous experience it looks unlikely to be achieved.
The success of this huge budget will depend on proper implementation of the policies, they added.
Bangladesh Chamber of Industries in its statement said for the 2013-14 financial year the government had proposed a revenue collection target that is 21 per cent higher than the present FY, but that is not achievable.
‘The government missed the revenue target for this year but again set the target higher. But it is not achievable as the local currency has weakened against dollar, which pushed down the export value,’ it said.
The statement said the scope for legalising undisclosed money should be withdrawn as the move would discourage regular taxpayers.
The budget failed to provide specific guideline about attracting local and foreign investment, it added.
‘There is no specific proposal regarding the development of the seven industrial areas of the country, which is very important,’ it further said.
‘In every budget we see promises being made to formulate a coal policy but people are still waiting for it,’ added the BCI statement.
Bangladesh Knitwear Manufacturers and Exporters Association also said that the GDP target and increase in export revenue target to 15 per cent is ambitious.
‘It requires a proper strategic plan to achieve the goals which we believe the government will be able to provide,’ said a BKMEA statement.
Bangladesh Textile Mills Association in its statement said that the government should reduce the tax on Busbar Trunking System as it was one of the latest fire-fighting technologies.
‘The finance minister has proposed to raise the customs duty to 10 per cent from the existing 3 per cent, which might discourage factories to take steps to ensure fire safety,’ it said.
-With New Age input
