Awami League outlines path towards developed Bangladesh in manifesto

The Awami League’s election manifesto has presented a new set of plans to deliver on a pledge to elevate Bangladesh’s status to developed nation by 2041.

The party headed by Prime Minister Sheikh Hasina has been in government for the last decade, making up an unprecedented two consecutive terms.

“I promise to make a brighter future with the help of lessons learnt in the past. Bangladesh will be free of hunger, illiteracy and communal hate – just the way the Father of the Nation envisioned it,” said Hasina as she released the ruling party’s manifesto on Tuesday.

The Awami League had pledged Vision 2021, its political manifesto for the 9th parliamentary election, to secure a landslide victory in 2009.

Before the 2014 election, Hasina had pledged to carve out a ‘Vision-2041’ if her party is re-elected. The plans, she said, would earn Bangladesh the status of a developed nation by 2050.

During the past decade, GDP growth has risen from 5.4 percent to 7.86 percent. Per capita income has risen from $427 to $1,751.

These indicators have already led the World Bank to declare Bangladesh ‘a lower middle income country’. But to secure ‘developed nation’ status by 2041, per capita income in Bangladesh must be more than $12,056.  GDP growth will have to be a double digit figure.

The Awami League’s manifesto for the 11th general election, scheduled for Dec 30, seems to focus on carving out plans and strategies towards achieving the development goal.

“Our challenge is to take our economy forward using advanced strategies to develop and enrich Bangladesh,” said Hasina.

If re-elected to power for the third consecutive term, Hasina pledges to create a “long term continuation of progress” by aligning the goals and programmes of the 2019-2023 period with those of the future years.

If the plans are followed, Bangladesh will have a GDP growth of 10 percent by 2025 and the two-digit growth rate will continue for the following 11 years, the ruling party claims.

If the projections are correct, per capita income in Bangladesh will reach $5,479 by 2030 and $16,994 by 2041, which will raise the status of Bangladesh to developed, the manifesto says.

“The vision to take the country on a journey of economic progress is indeed positive,” said Ahsan H Mansur, executive director of the Policy Research Institute.

“There is an economic outline here (AL manifesto). But there isn’t a clear direction that revenue collection will be increased to allow for a double-digit economic growth.”

Awami League President Sheikh Hasina announces the party’s manifesto for the 11th parliamentary election at Dhaka’s Sonargaon hotel on Tuesday. Photo: PID

STRATEGY AND INITIATIVES

The manifesto says the rate of investment must be increased to 40 percent of the GDP within 2041. Adequate infrastructure services along with skills and accountability needs to be ensured, competitiveness raised, and bank and insurance sector expanded in order to increase new capital generation in the private sector.

The Awami League says it will continue the work to expand and increase the depth of the stock market and romp up efforts to encourage institutional investors.

To speed up the wheels of economy, the party wants to harness the strength from the employable youth through trainings and grooming programmes. It aims to ensure their overall development and wellbeing as well.

For the elderly, it has pledged to ensure proper investment of their savings. Elderly men will be included in the government’s social safety net programme as well while the current schemes for the ultra-poor, widows and elderly women will be enhanced. 

The Awami League will, if re-elected, open 389 more technical schools and colleges like the 119 under construction at Upazila level for skills development of the youth.

Knowledge and technology-based production system must be ensured to attain an industry-dependent growth.

To increase exports, the Awami League says government support such as rebates in tariff and tax, and cash incentives will be modified and readjusted after analysing their overall effectiveness as per requirement.

To solve problems, the party will make the Value Added Tax Law “rational and more implacable”.

The extent of income tax will be increased gradually “in harmony with earnings”, the manifesto says.

Besides these, it has made a series of pledges to ensure electricity for all within 2020 and create more agricultural employment opportunities.

The government will adjust the budget strategy to double the Annual Development Programme with a view to spending 9 percent of the total national earning to the ADP if the Awami League retains power, according to the manifesto.

To help a strong private sector capable of graduating more revenue, The Awami League says it will take new plans.

An effective and sustainable strategy will be determined to lower the ratio of nonperforming loans and implement the Bankruptcy Act, the manifesto says.

After facing harsh criticism for amount of default loans in the banks, the Awami League says it will ensure central bank initiatives to inspect banks’ skill on loan approval, disbursement and liabilities to clients.

“Bank frauds including loan defaulters will be subdued and all the involved bank officials, loan receivers and culprits will be brought to trial and punished,” it has added.