Star Business Report

The national budget for fiscal 2021-22 should focus on enhancing healthcare, social security, education, and employment in the country while also protecting its industrial units from the Covid-19 fallout, analysts say at a webinar yesterday.

Besides, the provision of stimulus funds for cottage, micro, small and medium enterprises should continue in order to help them weather the current economic crisis, they said.

Various government officials, economists, businessmen, and researchers participated in the event, styled “Macro Economy: Expectation from National Budget 2021-22”, jointly organised by the Institute of Chartered Accountants of Bangladesh (ICAB) and Economic Reporters Forum (ERF).

Instead of being obsessed with the country’s GDP growth, the government should focus on improving the quality of life and public spending on development projects, they added.

“At least 1 per cent of the total allocation for the next budget should be set aside for social safety net programmes,” said Masrur Reaz, chairman of the Policy Exchange, a local think tank.

The government should put more focus on ensuring a full economic recovery from Covid-19 and the effective implementation of allocated funds to avoid wastage, according to Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry.

For instance, even though the garment sector was given a stimulus package, around 8 per cent of its total workforce lost their jobs.

“So, the authorities concerned should find a link between the funds and job protection,” he added.