Budget lacks focus on private sector needs: Experts

Budget lacks focus on private sector needs

The private sector has not received adequate attention in the proposed national budget for 2024-25 fiscal year, experts said at a roundtable on Saturday. They also highlighted the lack of initiatives aimed at expanding industrialisation, diversifying exports, and boosting private investment and job creation. They emphasized that without strict and proper monitoring of the commodity market, it would be impractical to control inflation just by providing tax exemptions on some essential products. They also suggested that the National Board of Revenue (NBR) should expand its network to the grassroots level and strengthen its research wing, including industrial research, in order to enhance domestic resource mobilisation. The experts made the observations at the roundtable discussion titled 'Reflections on National Budget 2024-25: Overview and Sectoral Perspectives,' jointly organised by Policy Exchange Bangladesh and SMAC Advisory and Services Limited at a city hotel. Dr. M Masrur Reaz, Chairman of Policy Exchange Bangladesh, moderated the event. Speaking at the event, Fazlee Shamim Ehsan, Vice President of Bangladesh Knitwear Manufacturers & Exporters Association, emphasised that the National Board of Revenue (NBR) should simplify the tax system to enhance domestic revenue mobilisation. He pointed out the lack of clear directives for industrialization in the budget and noted that non-revenue barriers are adversely impacting the business environment in the country.