ZCZC
BSS-16
RANGPUR-CHAMBER-BUDGET
Proposed budget to promote local industrialisation: Rangpur Chamber
RANGPUR, June 13, 2019 (BSS) – Rangpur Chamber of Commerce and Industry
(RCCI) in its instant reaction today termed the proposed budget for the 2019-
20 FY as investment friendly to promote local small and medium scale
industrialisation and employments.
After instant analysis of the proposed budget, RCCI President Mostafa
Sohrab Chowdhury Titu on behalf of Rangpur Chamber expressed the reaction
hailing the budget with few observations, criticisms and suggestions for its
proper implementation.
Terming a number of proposed proposals as realistic, Titu said the
proposed budget would increase foreign investments, enhance industrialisation
and create employments to raise gross domestic products (GDP) significantly.
“Special allocations for backward regions, char areas and marginal
population, more incentives and subsidy for the agriculture sector to protect
interest of farmers have given the proposed budget a pro-people, time-
befitting and realistic shape,” Titu said.
Titu hailed the proposed maximum allocation for developing communication
systems, Mega Projects like Padma Bridge with Rail Communication projects in
the proposed national budget.
“The proposed steps for checking money-laundering and opportunity to
make black money white would enhance private sector investments, increase
productivity and create employment opportunities for unemployed youths,” he
said.
Titu said formation of start-up fund for youths, increased allocations
for development of human resources, electricity, fuel, transportation;
communication and ICT, infrastructural development health, education and
agriculture would help to attain SDGs.
“Special importance given on public-private partnership (PPP) sector
would generate congenital atmosphere to enhance investments to accelerate
industrialisation and create employments and cut poverty for substantially
raising the GDP,” he said.
He lauded expansion of the social safety net programmes for advancement
of the poor, distressed and backward people, welfare of the physically
challenged citizens and extra facilities in addition to increasing monthly
allowances for the freedom fighters.
Inclusion of more educational institutions under MPO, two percent
incentives on remittance of expatriate Bangladeshis, launching crop
insurance, extending tax holidays and special incentives to attract foreign
investments would bring positive results.
Titu lauded proposal of enhancing periphery of social safety net through
implementation of the “My village, my town’ programme would largely help to
attain the SDGs by reducing poverty to the zero level by 2030.
The proposed tax facilities for imports of machineries for export
oriented industries, reduction of taxes on some raw materials for safety of
local industries and discouraging imports of luxury products to expand the
small and medium scale industries sector.
“The local small and medium scale industries will flourish for
continuation of VAT holidays for hand-made biscuits, cakes, bread, low-priced
shoes, locally produced motorcycles and refrigerators to enhance the SME
sector and create employments.
To attain set goals in the proposed budget with 8.2 percent GDP growth
rate keeping inflation rate within 53.5 percent, Titu suggested for proper
implementation of the budget by formulating proper strategies and ensuring
transparency at all levels.
However, Titu expressed disappointment with no concrete direction in
the proposed budget for speedy implementation of the special economic zone
and IT Park in Rangpur to flourish trade, business and industrialisation in
the backward Rangpur region.
“RCCI suggests the government for formation of ‘North Bengal Development
Ministry’, separate loan, tax and VAT policies and special allocations for
establishing garments, agro-based, heavy, medium and light industries in
Rangpur region,” Titu added.
BSS/MI/BZC/2010HRS