Centre
for Policy Dialogue (CPD) on June 1 said despite the hartals and countrywide
blockade, Bangladesh is closing its financial year 2014-15 (FY15) with a number
of microeconomic advantages.
The
civil society think-tank in its quarterly report on “Bangladesh Economy: FY15”
released on Monday at a press conference at CIRDAP auditorium opined the
country may bring some massive reforms in the upcoming fiscal taking the
advantages of lower inflation, declining interest rate, stable exchange rate,
manageable fiscal deficit, positive balance of payment, foreign exchange
reserve and low level of global commodity prices.
“If
the government carry-out substantial reforms in policy levels in the upcoming
fiscal utilizing the stability of the economy, Bangladesh can easily move out
from the average 6 per cent plus GDP growth,” said Dr Debapriya Bhattacharya,
Distinguished Fellow of CPD.
He
also stressed for political harmony for the sustainable economic growth of the
country.
The
CPD made the report under its Independent Review of Bangladesh’s Development
(IRBD) Programme.
The
think tank body recommended for forming five independent commissions for
statistical, agriculture price, local government financing, public expenditure
review and financial sector reform towards better macroeconomic management.
It
also advocated for expediting the reform agendas such as public services act,
PPP act, privatization, financial reporting act and others, which are being
remained stalled.
Commenting
on tax reform, Debapriya Bhattacharya said: “Boosting of tax revenue collection
without institutional reform is not possible, rather the exercise of
traditional style would impose more burdens on tax payer.”
He
also opted for imposing of “inheritor tax” saying a person who doesn’t do any
work should not be successor of any property without any tax.
The
CPD distinguished fellow also urged the government to formulate a law regarding
black money. “If there is any law about it, there will be a continuation of
whitening the black money and regular scope of mainstreaming the undisclosed
earning,” he added.
About
the “fast tracked projects”, the CPD said out of six projects, four is on track
and would be successful while the status of another two is conditional.
Replying
to a query, Professor Mustafizur Rahman, Executive Director of CPD, put
emphasis on increasing investment and productivity to attain the goal of “Vision-2021”
envisaged by the government, as the country is still far behind of attaining
the desired GDP growth.
He
also suggested the government to ensure the maximum utilization of resources
for highest outcome. (Source: BSS)