Proposed budget is business-friendly, helpful for smart Bangladesh: Ctg Chamber

Chattogram Chamber of Commerce and Industry President Mahbubul Alam has said the proposed budget for the 2023-24 fiscal year is a business-friendly one and helpful in building a "Smart Bangladesh".

"This budget will help to boost the domestic industry by discouraging imports," he said in an immediate reaction to the national budget.

Finance Minister AHM Mustafa Kamal on Thursday proposed a budget of Tk7.61 lakh crore for the financial year 2023-24.

The Chattogram chamber president said the introduction of universal pensions and the increase of allowances for the social safety beneficiaries will be helpful in building Smart Bangladesh.    

He also thanked the Prime Minister and the Finance Minister for taking the initiative of upgrading the Chattogram Medical College Hospital to 2200 beds and establishing a Leather Industrial City in Chattogram.

Mahbubul Alam said, "Debts from domestic and foreign sources to meet the budget deficit may create pressure for the government in implementing the budget. However, the government should be aware of rising debt."

He has proposed to increase the tax-free income limit to Tk4 lakh from the proposed Tk3.50 lakh for the next fiscal year.

"The removal of regulatory duties on 191 garment industry products while rationalising tariffs may lead to unequal competition for local entrepreneurs and the removal of supplementary duties on 234 packaged fish products may discourage local initiative to package fish," Mahbubul Alam opined.

He said, "Increasing the specific duty on the import of clinker, the main raw material for cement production, will further increase the cost of infrastructure development.

Therefore, the chamber president urged the government to keep this tariff as before to accelerate the country's infrastructural development.