Time to show 'holy anger' at govt's 'peculiar syndrome': Hossain Zillur

Hossain Zillur Rahman, former adviser to a caretaker government, observed a "peculiar syndrome" in the current government, which he termed a "new form of Kumbhakarna syndrome: listening without response."

Speaking at a budget discussion today, he expressed frustration, suggesting it was time for a "holy anger" to bring about societal change. 

Zillur, also executive chairman of the Power and Participation Research Centre, outlined five key economic challenges, including boosting economic dynamism to absorb the 22 lakh people entering the labour market annually and addressing existing unemployment. 

He also pointed out that arbitrary lawsuits against businesses, like the case of a Chittagong businessman facing charges among 170 defendants, create uncertainty and deter investment, requiring a "whole of government approach" beyond just the finance ministry.

The private research organisation Centre for Policy Dialogue (CPD) organised the dialogue on the 2025-26 fiscal year's national budget at a city hotel where some speakers were critical of the interim government's "perceived unresponsiveness" and "unrealistic" policy planning, ignoring pressing economic concerns.

Politicians, business leaders, economists, bankers, former bureaucrats, development workers and journalists spoke at the event. 

Barrister Rumin Farhana, a BNP leader and special speaker at the event, expressed disappointment at the lack of novelty despite the presence of four economists in the advisory council. 

She emphasised that political stability is crucial for investment and employment, stating that uncertainty about the government's tenure and plans creates an unfavourable environment for trade, business, and the economy.

In the open session, economist Professor MM Akash said the promised reformist footprints from advisers are missing. "A smaller budget suggests a turn toward recession," he cautioned.

Syed Abu Naser Bukhtear Ahmed, chairman of Agrani Bank, raised concerns over the "lack of a roadmap" for recovering laundered money. "With non-performing loans now reaching Tk4.2 lakh crore – and real figures likely higher – capital injection into failing banks is no real solution," he warned.

The keynote presentation was delivered by CPD Executive Director Fahmida Khatun, with the session chaired by CPD Distinguished Fellow Professor Mustafizur Rahman.

Fahmida described the macroeconomic targets of the budget as "ambitious" but "insufficient compared to the need." She predicted that the GDP growth target for the next fiscal year would not be achieved due to a weak banking sector, inflationary pressure, low government spending, declining private investment, and fuel shortages.

According to some of the speakers, the FY26 budget is conventional and it lacks inclusivity, and fails to adequately prioritise the private sector. Concerns were raised about a lack of focus on job creation, an overly simplistic approach to revenue collection, and the absence of any reflection of the mass uprising of 2024. Many described it as a "budget of dashed hopes" and "zero promises."

Shawkat Aziz Russel, president of the Bangladesh Textile Mills Association, said the government "has become an ostrich, seemingly ignoring crucial issues." He noted that businesses are in "painful situations" and experiencing an "uncomfortable time."

"Banks are being looted and the Bangladesh Bank keeps covering up the damage. Interest rates are rising, and factories are shutting down," Russel said. He also criticised contradictory government statements about gas supply to industries.

Economist M Masrur Reaz, who is the chairman of Policy Exchange of Bangladesh, said there is no fundamental change in the budget's philosophy, structure, or approach, particularly in human resource development and good governance. 

He added that new job creation has slowed, foreign investment has dropped by 13%, with actual FDI down 35%, and energy security has collapsed.

Enamul Haque Khan, former BGMEA senior vice president, highlighted the absence of a clear policy to address the challenges of Bangladesh's upcoming LDC graduation or US tariff concerns. "We expected the budget to reflect these priorities. But it didn't," he said.

Daulat Akhtar Mala, president of the Economic Reporters Forum, said this year's revenue shortfall could be a record, yet next year's revenue targets seem unrealistic.

Shams Mahmud, president of the Bangladesh Thai Chamber, pointed out the absence of forward-looking policies needed to access EU markets post-2029. "This budget does nothing for the private sector. It fails to reflect the realities of the business landscape."

Former NBR Chairman Abdul Mazid stressed the need for transparency in budget approval and clarity on supplementary budgets and revenue reforms.

Fahim Mashroor, chief executive officer of BDJobs, shared an anecdote about government offices violating energy-saving regulations, reflecting the lack of discipline in public spending.

MA Gafur of Abdul Monem Ltd said foreign investors are waiting to see both a credible election and the behaviour of the incoming government before making decisions.

Barrister Fuad, general secretary of AB Party, said the budget reflects neither the people's aspirations nor the recent popular movements. "Despite having four economists in the advisory panel, the government presented a badly drafted budget."

Alaudin Mohammad, joint member secretary of NCP, noted that protestors from last year's July-August movements had hoped for employment-generating initiatives in the budget, but those expectations were unmet.