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DCCI offers pre-budget suggestions

Govt move to build confidence among entrepreneurs urged

By Staff Correspondent
The Dhaka Chamber of Commerce and Industry (DCCI) has stressed the need for government move to build 'appropriate' confidence among the entrepreneurs in order Io rejuvenate the private sector^
It termed the existing 'low level' of the 'overall business confidence' as the 'most disconcerting aspect' of the overall economic environment and Identified various constraints faced by the private sector.
The DCCI. in its editorial titled 'Economic Realism and Forthcoming National Budget’ in the March Issue of its journal. "Monthly Review" felt that 'true restoration of financial discipline is a first order pri-
or! ly for efficient functioning of the banking Institutions'.
It satd, 'Banks and financial institutions arc not functioning well and the not-wc1I-grounded reforms being car ried out at the behest of the multilateral donor agencies, have compounded thefr problems. "
The DCCI also stressed the need for ‘reviews and a realistic appraisal' both direct and indirect taxes in specific areas on 'case-by-casc basts'.
it said. There is a greater urgency in our context to reorient and reshape fiscal or. particularly, taxation policies in the overriding Interests of inducing more savings, encouraging more Investments, promoting the growth of capf-
tnl market and enabling enterprises to operate at a satisfactory level for generating surpluses".
The constraints to the private sector. Identified by the DCCI Include lack of access to credit and high cost of borrowed funds, non-availability and excessive cost of materials. Inadequate supply as well as high cost of fuel, electricity, lack of skilled labour, competition from smuggling, excessive transport cost and high tax burden.
It also termed the administrative ' bdttlcnccks' as another major cause for concern saying that It was a 'far more serious problem than the limitations.'
It said. "While the govern-
ment's liberalisation policies have by and large been welcome and. in most eases, appropriate. a serious concern persists about their implementation".
The Interventionist role of the government In wage-fixation at the national level, irrespective of the actual state of the situation In each specific sector or at the plant level, has further compounded the problems for industrial operators In particular", it added.
The editorial revealed various disturbing aspects affecting the overall economic management and stressed the urgency for streamlining the public finance tn the larger national interest.