With an introduction of a new year, we see a wave of change. The change is the reminiscence of the overhaul approaches taken to save and admit to the economic realities of the country along with the attempt to meet local demands. The budget for the year 2023 is an output of the immense capacity honed for salvaging the public from dooming financial atrocity. The underpinnings and meanings as such did not endow how the budget framework redefines the components of public solvency. The budget is the stability for economic cognition and the viable recompense of rules of stable economic nature and how to soothe the viabilities in the life of everyday foreseen. The fiscal budget for the coming year is a very good indication of the triumphs of the country despite some financial failures and how the historical perspective envisages the development of Bangladesh as a nation. With very few limitations, the budgets have expanded beyond normal measure and the sectors of the country’s economy have grown up to sustain and tackle any failures seen as the weakling in damages done by the mere falsification of mass anticipation. The anticipation cannot convert automatically into the want of economic salvation, the environment and utopia of public emancipation is a subversive finding on how financial institutions and the government do to turn frailties in terms of debacles into the strength of public growth. The locale or region-based formatting of the budget to sustain the entire economy is in all likelihood a base for resourceful capitalization of the private capital market and the government intervention through nationwide economic decisions taken to divert the regional problems into the strength of visible economic interpretations as the dooming factor for unsuccessful attempt for cooling down the barriers towards increased trade, production, and financial activity. The base reason for colloquial interruptions and the sustained emancipation for demeaning totality in terms of financial conquests and how they succeed in tearing down walls that were created and built as the greatest thorn for the curse of public convergence to deal with problems of national interest and that of the personal life. Financial budgets have grown to absorb economic shocks generated by overconfidence and bad choices from both policymakers and people who put policy aside in favor of personal gain not knowing how the policy should have brought about clarity in their decision-making process. Policymakers cannot ever be the curse of a doomed economic state, the way economic laws and financial institutions are devised is a by-product of the impasse between the traditional economic laws and the way they are manipulated for good for envisioning a better future and that is if it works. The budget for the fiscal year 2023-24 is right on its money and with a recovering global economy with growth in many advanced and growing economies, the budget for this year in Bangladesh is an indication of why good policy making and stringent economic traditional use of suitable parametrization can bring about positive growth in the lives of people.
There are many factors that need to be revised. Worldwide there is an inflation rise and this affects product prices. To tackle spiraling prices and out-of-control inflation dictating it, the government should lower the value of bonds and let lending become easier. With greater borrowing, the people will be able to buy more which will tear down the high inflation rates with greater spending and hence greater economic growth. There will be loans for borrowers and less business and decreased supply chain tax that will lower the inflation rate and help people immerse in the flow of money more smoothly than previously thought. Even with the baggage of people who can’t repay the loans they carry, devising a loan payment mechanism that helps to pay it through secured installments may be one of the more ways to justify the whole repayment scheme. Unemployment benefits are not there in Bangladesh as a means for salvaging personal loss, creating more opportunities for Unemployment reduction of job rates should again be one of the priorities of the budget. Food availability and the basic amenities of life are not there for thousands of people in the country and part of the budget should be used to make food and comfort available for people who are in need. Obviously, this cannot be catered to millions of people, or otherwise, mass succinctly famine would be at large, the reason for adjusting the budget for food supplication should be and is now a top priority. Again, with a population of over 170 million, electricity and gas supplies should be made available to all. The electricity in Dhaka is enough for all the citizens but in many rural areas, the application of budgeted efforts to make electricity, gas, and power available is meeting the need with fantastic answers to people who earlier thought what was a dream is now turning into a reality. But according to a recent study, 51 percent of Dhaka city’s poor were new. They move into the city from the outskirts and outside of many regions to find a better life and a new start for themselves and their families. The budget should accommodate these new people who have completely risked everything for a better life. Creating a sustainable methodology for good economic impact for those wanting souls should never ever be the humane barrier that should be shattered. In this case, it should be enhanced. The architects of the budget should have adopted an alternative approach of macroeconomic stabilization with a lower rate of GDP growth, gradual reduction of inflation, and greater support for the poor and vulnerable. GDP growth does not re-elect economic success though it defines the overall status of economic activity. Increased jobs for both the poor and middle class. Increased business in both the governmental and private sectors and better health care would suggest that the problems are over. Only in the utopic vision do we get a perfect picture of what the GDP tells and especially in Bangladesh this is a grim representation of numbers. Even in terms of social security programs, the entire attempt to devise a way to help determine the net of social security for people in need and who deserve it shall be continually based on the basic necessities of the people. Now health care is yet untouched as a matter of discussion as the waning occurrence of poor public healthcare facilities is tearing down the budget allocation for the sectors. While high-paying top unaffordability of privatized healthcare is untouchable, the lack of funds in public hospitals is hurting the country. Of course, there is concern about default loans and declining forex reserves. This is a twin issue and the loan scheme has increased to let further funding have an effect on the national reserve. If the reserves dwindle, the entire country could go into default.US rating agency Moody’s said that the pre-pandemic level of reserves will not meet its full level in the next two to three years. This is done as a passive interest to help people who borrow.
Again Subsidizing tax and other imports plus exports does more good than harm, The commodities market should use subsidized and use of raw materials plus the concept of tax should envision a greater money generation scheme. Using part of the money generated from the subsidy market, revenue generation from this sector will add to the budget and even aid in having a greater impact in setting the goals of the budget. For this fiscal year, the budget will be 678,064 crore taka.
About The Author:
Engr. Samin Shadman Zahir
Aesthetic Engineering Services