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20 June, 2019 00:00 00 AM
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Expansion of budget indicates expansion of economy

Bangladesh came into being in the 16th December, 1971 for social, political and economic independence and emancipation of the people of the country
MD. MUZIBUR RAHMAN
Expansion of budget indicates 
expansion of economy

In the mid of nineteenth century, the concepts of welfare state was gaining popularity among the nations. Before this time, the nations of the world did not so much interfere with the economic activities of the state. The pre-concept was demand-supply theory of the economics which will determine automatically the price/result of the commodities and will balance the markets rationally. That is, free economy was continuing in the society and in the states. But with the increasing trend of the population, for the expansion of the economy and economic activities, for the sake of more investment and development, the rising costs of the government, the welfare state concept was spreading among the states and the states were starting interfere and continuing support in the economic activities like investment in education, health, in mega-structure like roads and highways, bridges, power plants, sea economy, agriculture, small, medium and heavy industries, etc. For maximization of the welfare of the state, the states started to take and make presentation of annual budget (government’s probable yearly incomes and expenditures) gradually. Its aim was to efficient collection of funds and efficient allocation of funds and resources to the various sectors of the economy for balanced development.

Bangladesh came into being in the 16th December, 1971 for social, political and economic independence and emancipation of the people of the country. The aim of the independence was to maximize the welfare of the people, to be self-reliant and to be an independent developed nation in the world. Aiming to fulfill the purpose, the 1st budget was prepared and presented in the parliament in the financial year 1972-1973. This budget estimation was Tk786 crore. A table data has given below to understand the facts and increasing trends of annual budget of the country from financial year 1972-1973 to 2019-2020.

The data indicates that with the pace of increasing population, urbanization and industrialization, increasing the development cost of the nation, it is impossible for a single man or any institution to control and run the economy of the state without government’s interference. For urgent and strong need of development activities, for more income and development expenditure, the budget will rise naturally. In today’s world, the economy is dynamic and changeable with the new invention of technology, competitions and globalization. Bangladesh is not exception of it.

To lead and run the state, for implementation of the development projects, maximization of the welfare of the people and the society, the government needs more money to expedite the cost and to explore new avenues for investment and development. It is needed for achieving the targeted goals of economic and social development. In the budget of 2019-2020, the government has allocated Tk 2,02,721 core for development budget, for non-development budget Tk 3,10,262 crore and deficit budget is Tk 1,45,380 crore. The GDP target is 8.2 percent with inflationary rate 5.5 percent in the proposed budget.

For exploring and creating more facilities of employment of the people, for generating more revenues, the government has taken all measures to invest development projects from internal and external resources and from debts/loans/ aid from foreign countries. So, increasing the budget size in the every financial year is indicating the expansion of the economy as a whole. The government allocates its expenditure in different sectors like Industrial and Economic services, Agriculture, Energy and Power, Recreation, Culture, and Religious affairs, Housing, Transport and Communication, ICT (Information and Communication Technology) sector, Public order and Safety, Defense, Education and Technology, Health, Social Security and Welfare, Local Government and Rural Development, Public Administration, etc. The government will have to invest for making deep sea ports, railway development, nuclear power plants, coal-based power plants, blue economy, ICT parks, elevated expressways, 100 special economic zones and costs for climate change also.

 All the investments will generate revenues and employment opportunities of the people in near future. We were under-developed country in the past, recently we have graduated from LDC to developing status, our aim is to be the middle-income country in 2024, to attain SDG (Sustainable Development Goals) within 2030, and to be the rich one in 2040.

So, the development of the aggregate economy is raising trends and it will expand in the future. So, the budget is in large size is not the problems, the problems is to implement them in time with sincerity.

Some critics, criticisms may arise in favour or disfavour from different corners and quarters to evaluate the present budget, if they are rational, reasonable and correct, it may be reviewed, revised in the next time as a complementary budget for the sake of the nation. Some technicalities/techniques to implement the budget may be challenging to us but it is not impossible. If we are united, dedicated, sincere, honest, transparent and hardworking to build our nation, it is not impossible to implement the budget for us as a brave nation.

We shall have to reach our goals, our targets in future. We hope the economy will be strengthened further with the expansion of the proposed budget. The expansion of the budget indicates the expansion of the economy, development and employment. The budget of FY2019-2020 is a development and welfare oriented budget.

The writer who writes on development and

economic issues is a contributor to

The Independent.

E-mail: muzibur64@gmail.com

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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