FBCCI lauds ‘business-friendly’ budget for FY20

The country’s apex trade body has hailed the proposed national budget as ‘business-friendly’ and ‘pro-people’, noting that it will help expedite economic development in Bangladesh.

The formal reaction of Federation of Bangladesh Chambers of Commerce and Industry or FBCCI came on Saturday -- two days after Finance Minister Mustafa Kamal presented the Tk 5.23 trillion budget for fiscal year 2019-20 in parliament.    

“This is not only a business-friendly a but public welfare-oriented one,” said FBCCI chief Sheikh Fazle Fahim at a media briefing.

Lauding every aspect of the budget, he said the emphasis on social safety net, research and development, innovation, ICT, infrastructure, socio-economic, poverty alleviation, human resources, education, agriculture, and health sectors makes it a contemporary plan.

Although the feedback on the budget from the Metropolitan Chamber of Commerce and Industry or MCCI and Dhaka Chamber of Commerce and Industry or DCCI has generally been positive, both platforms were critical of the government for not lowering the corporate tax rates. 

The Bangladesh Garment Manufacturers and Exporters Association or BGMEA said it was ‘70 percent happy’ with the proposed budget. 

The FBCCI urged the government not to be reliant on bank loans to offset the budget deficit as it may lead to an increased inflation rate.

It suggested that the revenue targeted in the budget be collected using easy, transparent and consistent methods so that businesses are not harassed.