#Title Fuel and power subsidies to rise by Tk 42,600cr Says Amir Khosru Fund for startups to be increased to Tk 1,000cr ICT minister tells JS

STAFF CORRESPONDENT

Finance Minister Amir Khosru Mahmud Chowdhury yesterday said the oil, gas, electricity, and fertiliser sectors alone will require an additional subsidy of about Tk 42,600 crore by June as per preliminary estimates due to the recent unrest in the Middle East.

The impact has created both immediate and potential risks for the Bangladesh economy, the minister said while answering a query from lawmaker SM Jahangir Hossain in parliament.

Of the subsidy, about Tk 10,258 crore may be required for oil, Tk 11,170 crore for gas, Tk 19,821 crore for electricity and Tk 1,350 crore for fertiliser.

Rising prices of fuel oil, LNG and fertilisers in the international market have put pressure on import costs and production costs and can also increase costs in the electricity, transport, As the

STAFF CORRESPONDENT

Steps are underway to gradually expand the fund of Bangladesh Startup Investment Company PLC (BSIC) to Tk 1,000 crore to strengthen the country’s venture capital industry and attract greater private and international investment, said ICT Minister Faqir Mahbub Anam yesterday.

Replying to a question from Md Ashraf Uddin MP in parliament, the minister said approximately Tk 109 crore has so far been invested in 36 technology-based and innovative startups that received final approval.

He said a total of 55 startups had been launched through Startup Bangladesh. Of the 55 approved startups, 19 were later rejected at various stages because of inconsistencies identified during due diligence and disagreements over investment conditions.

The startups include Chaldal, 10 Minute School, Sheba Platform, Tour Booking Bangladesh (ShareTrip), iFarmer, Silver Water Technologies (Pickaboo), Intelligent Machines, SWAP BD, Care Nutrition, Truck Lagbe, Steller Digital (Bongo), Pathao, Shikho, and others.

According to the minister, investments made through Startup Bangladesh have enabled portfolio startups to expand their business operations, create more than 7,000 direct jobs and increase revenue and sales by at least five times on average.

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