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The truth about GDP PDF Print E-mail
Tuesday, 22 April 2008

Adviser for Finance, Dr. Mirza Azizul Islam on Wednesday reportedly told that next year’s budget would aim at 6.5 per cent in the Gross Domestic Product By now many people know what this GDP means but do know how far this GDP growth is reflected in reality. We are falling behind in all key indicators of the national economy. Again, it is also true that the vast rural population have very little idea about these economic terms. What they know and suffer from are the harsh economic realities of poverty, unemployment, lack of food security etc. Now a time has come when nothing other than cheap food matters. In fact, the situation is so desperate that everything other than food can go to hell. Therefore, it is our earnest request to the honourable Adviser that if he can do this through the budget, his two budgets would remain as shining example of an un-elected person’s commitment to people. True, planning is for the future but surely not by neglecting the present. If people remain hungry or half-fed, gospels of bright future would sound like jokes. Economists know the ways of getting things done but if they are totally divorced from the realities of the ground, they won’t be able to help. Common sense says that next year’s budget, or more precisely the ADP, should have a single big item: boosting agriculture. The Adviser should have sat down with agriculturists and farmers for suggestions on utilization of available land, ensuring necessary inputs and adequate subsidies. The second thrust sector should be education. The literacy rate is increasing but it is yet to reach the stage to be productive. Mere ability to write one’s name is not education. No Education Minister realized this point. What is important is the quality of education. Much of the education budget is spent on overheads or wasted through a mismanaged MPO system. The third issue that comes to our mind is providing relief to the people. While we appreciate the Adviser’s assurance that taxes would not be increased, we also want the assurance that the limit of tax-free income would be raised keeping in view of the huge rise in cost of living. Currently it is Tk 150,000 but we think that next year it should be Tk 250,000 at least. As one in charge of the Finance Ministry, the Adviser should set his own priorities.

 
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