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Budget and needs

In the proposed budget of 2010-2011 economic growth has been estimated at 6.7% on some assumed factors like global turnaround from financial crisis, continued growth in agriculture sector and capacity to sustain domestic demand.

A-B.M.S.Zahur
ON June 10, the finance minister presented the budget 2010-2011 before the Parliament for approval. Despite a number of constraints the budget is big and ambitious. The principal objectives of the budget are reaching high performing growth, bringing poverty to a minimum level and securing health and education for all.
The main opposition party, i.e. BNP, has not accepted the budget well. It has branded the budget as too ambitious and full of tricks and ruses to deceive the people. In fact, BNP has come up with a shadow budget against the national budget. The finance minister has stated that the proposed budget of 2010-2011 has already accommodated 70% suggestions as embodied in the shadow budget of BNP.
In the proposed budget of2010-2011 economic growth has been estimated at 6.7% on some assumed factors like global turnaround from financial crisis, continued growth in agriculture sector and capacity to sustain domestic demand.
Sectors like agriculture, power and energy and education are regarded as the key sectors for economic and social development. Agricultural development is essential for survival of the farmers and the country as well. In the budget under consideration total allocation has been raised fromTk.185.21 crore toTk.421 crore.
Special emphasis has been laid on development of power and energy. The finance minister has submitted a report, titled "Road Map for Development of Power and Energy Sector," along with his budget proposals to assure the citizens about the government's intention and the action plan to make them aware of the future direction of these two sectors.
Apart from non-renewable sources, a renewable energy policy has been prepared to produce 5% of total power generation by 2015 and 10% by 2020 from renewable sources like air, waste and solar energy. An agency named Sustainable Energy Development Agency (SEDA) has been set up.
Power generation in our country depends basically on supply of natural gas. In the past, we have not given due attention to augmentation of the gas supply and exploration of new gas fields. This has resulted in creation of a gap between demand and supply. The government has proposed an increase in the allocation by 61.5% over last year's revised budget.
Education is a fundamental right. It is one of the core strategies for poverty alleviation and development. The government has approved National Education Policy 2010 with 24 targets. An allocation of Tk.17,959 crore has been proposed for the Ministry of Education and Ministry of Primary and Mass Education.
The Bangabandhu Fellowship and Award has been reintroduced for encouraging PhD level research work. For production of 4,000 computer engineers and scientists by 2014, postgraduate diploma courses have been introduced in 13 public universities.
It is agreed that we need an ambitious budget for our big population. Some may be frustrated with the existing weakness at the implementation level because of shortage of gas and electricity. We need not lose heart because the government has been able to diagnose its problems rather correctly.
Adequate scope has been given to boost investment. Efforts are on to mitigate the impacts of global financial crisis. Due attention has been given to increasing energy and power. The need for structural change in crop pattern has properly been realised. Taking appropriate steps in developing jute, small and medium enterprises and pharmaceutical, and widening the tax net and boosting collection of both income tax and value added tax are appropriate measures for economic and financial development.
To make the budget proposals effective and successful, all-out efforts, along with the people's cooperation, are necessary.
A.B.M.S. Zahur is a former Joint Secretary.