‘Next budget will be encouraging for private sector’

Business Report :
Finance Minister Abul Hassan Mahmood Ali Sunday said that the upcoming national budget would be encouraging for the private sector and hoped that the economic growth momentum would continue towards achieving the growth targets.
Ali said this while addressing the “DCCI Pre-budget discussion: private sector perspective” as the chief guest organized by Dhaka Chamber of Commerce & Industry (DCCI) in association with Samakal and Channel 24 at a city hotel.
The minister informed that the government would consider all the rational recommendations from the private sector.
Mentioning that the private sector is playing a key role in the development of the country, he said the government is firmly committed to facilitate the private sector so that they can do their businesses in a hassle-free manner.
He said that the government has taken various policy measures including market monitoring for which inflation would come down soon.
Ali also informed that the government would positively consider necessary policy reforms in the next budget. “Moreover, long-term strategy, skills development, support to import substitute industry, export diversification, internal resource mobilization and employment generation will get priority in the next budget,”
The Finance Minister also said that this government is a pro-business government and any rational recommendation from the private sector would be considered.
National Board of Revenue (NBR) Chairman Abu Hena Md. Rahmatul Muneem said that the government has to strike a balance between expansion of tax net and tax burden.
He informed that in 2020, the total individual tax payers were only 21 lakh and in February 2024 it was 37 lakh. “NBR also took initiative of integrated automated system in tax collection with a view to expanding the revenue collection. In June 2020, TIN holders were 2 lakhs whereas in March 2024 it stood more than 5 lakhs.”
Secretary of Financial Institutions Division Sheikh Mohammad Salim Ullah put emphasis on increasing investment.
“Private sector mainly generates the large portion of employments in the country,” he said, adding that work is on to frame policy framework to reduce Non Performing Loans (NPLs) and the government is working on to constitute asset management ventures.
“In order to establish good governance in the overall financial sector , a roadmap has been prepared,” he informed. Salim Ullah also said that for economic development of a country, an efficient private sector is crucial. He urged the private sector to concentrate on cost effectiveness and new innovation.