6% inflation target in proposed budget unrealistic: Planning minister

Planning Minister MA Mannan has said the target of keeping the inflation within 6% in the proposed budget was not realistic given the current condition. 

It would, however, be possible next year (2024-25).

The government has announced withdrawing some subsidies, but agriculture and food subsidies will be retained as those are beneficial, said the minister at the proposed budget review programme for the financial year 2023-24 organised by the Economic Reporters Forum (ERF) this afternoon.

He said the current government is not a socialist one, but there were various measures undertaken to reduce inequality. 

"Initiatives have been taken to increase direct tax collection. People are being given their own homes through the Ashrayan scheme. Apart from income opportunities, they are getting clean water and safe sanitation," said the minister.

Regarding the current market situation, the planning minister said Kolkata and Agartala are not very far so the disparity between the markets should not be this high.

There is a problem somewhere in the Bangladeshi market, he added.

Regarding the rising price of onion, the commerce minister had said import would be allowed if the price did not fall.

The prices fell slightly after this announcement, but it rose again when traders saw that the government was not doing anything.

Now that onion import has actually been approved, the price is also coming down.

MA Mannan said Prime Minister Sheikh Hasina was also in favour of building stocks of import-dependent products. The prime minister has given a directive to build the stock of the Trading Corporation of Bangladesh (TCB) at the departmental level. 

Due to adequate stock of rice, the market is now normal. Similarly, other products also need to be stocked.

Md Jasim Uddin, president of FBCCI, the top organisation of businessmen, was the special guest at the event organised at the ERF office in Paltan. The main article was presented by the chairman of the research organisation Rapid Md Abdur Razzaq. Besides, Abu Yusuf, professor of Economics Department of Dhaka University; Ferdous Ara Begum, CEO of Build; Shaukat Hossain Masum, head of Daily Prothom Alo's online department, spoke during the event. ERF President Refayet Ullah Mridha delivered the welcome address in the discussion meeting held under the chairmanship of ERF General Secretary Abul Kashem.