Agriculture and industry must be saved

The two main pillars of Bangladesh’s sustainable economic growth and food security are the industrial and agricultural sectors respectively.

In the current global context, the usefulness of increasing subsidies in these two sectors is very important.

These two sectors are also one of the conditions for protecting the country’s economy Meanwhile, the budget session of the 13th National Parliament began on Sunday.

The new Finance Minister, Amir Khasru Mahmud Chowdhury, is going to present a huge budget of Tk 9.38 trillion for the upcoming fiscal year 2026-27.

However, no matter how huge the size of this budget, there will be no good news for the agriculture and industrial sectors, the main driving forces of the country’s economy.

Although the usefulness of additional subsidies to reduce production costs in the industrial and agricultural sectors is clear in the country’s current reality, the upcoming budget plan presents a different picture.

The prices of fuel oil, gas and fertilizer are increasing in the country.

At such a time, additional subsidies are needed to reduce production costs; but the government is walking in the opposite direction.

That is, the government not increasing the amount of subsidies in productive sectors like agriculture, electricity and fuel in the upcoming budget is a kind of austerity policy during this time of crisis.

Due to the increase in the prices of fuel and gas, production in the country’s industrial factories is already being disrupted.

This is having a direct impact on export earnings. Then again, the concerns of farmers have already increased due to the increase in the cost of fertilizer and irrigation.

If incentives are not increased, production costs will increase further, there is no doubt.

This is a threat to overall food security. This will make the lives of low-income people more difficult.

The government’s statement in this case is that they are providing various cards for low-income people.

However, increasing incentives for remittances can temporarily increase foreign exchange reserves.

If agricultural and industrial production in the country is disrupted, will it benefits of those remittances reach the homes of the common people in a market with high inflation?

We believe that in the prevailing domestic reality, there is a need to increase incentives in agriculture and industry.

Especially after the student uprising of 2024, there has been a kind of crisis in the country’s industries.

Investment has decreased. Hundreds of factories have closed. Production has decreased. On the other hand, the importance of agriculture in our national life is immense.

We hope that the government’s policymakers will reconsider the issue before announcing the final budget. Keeping the country’s farmers and industrialists alive should be the priority at this time.