Budget industry-friendly

Chamber leaders and business-people have termed the proposed budget for fiscal 2010-11 as industry-friendly, but they said the biggest challenge remains in its implementation.
Annisul Huq, president of apex trade body Federation of Bangla-desh Chambers of Commerce and Industry, said the government tried to propose a 'growth for development' budget for the next fiscal year.
Increased allocation for power sector, food security, social safety net and public-private partnership (PPP) projects indicates a positive sign for development.
He said the Tk 6,115 crore outlay for power sector development is around 80 percent higher than the current year's.
"Such an allocation for the sector indicates that the proposed budget has been formulated for the growth for development," Huq said. The country's industrial sector has been reeling under acute power and gas crises over the last few years.
"The proposed budget is development-oriented. But, I want qualitative implementation of the annual development programme."
Terming the budget visionary, Waliur Rahman Bhuiyan, the immediate past president of Foreign Investors' Chamber of Commerce and Industry, said achieving 6.7 percent GDP growth is possible if the budget can be implemented.
"There is an apprehension centring the implementation as the government has pledged a lot."
On the issue of whitening black money, Bhuiyan said such scope should not continue.
Shahedul Islam Helal, president of Bangladesh Chamber of Industries, also termed the budget industry-friendly, as the government has prioritised the power and energy sector.
"But, it's a challenge to implement the power projects," he said.
M Anis Ud Dowla, president of Metropolitan Chamber of Commerce and Industry, said he will comment on the budget after a complete analysis.
Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association, said prioritising the energy sector is good if implemented soon.
About the stimulus package, he said the minister did not clearly mention for which sectors the Tk 2,000 crore stimulus package has been allocated.
Murshedy also said the government kept Tk 2,500 crore for the PPP projects this year, but could not even formulate any guideline for the initiative, and so no private sector investor came.
"It seems that it's a credible budget as the government has rightly prioritised the important sectors like power and gas and the PPP," said Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association.
The proposed Tk 2,000 crore stimulus package is a good initiative, he said, adding that a portion of the money should be spent for an 'aggressive market promotion' for readymade garment, the country's main export.
Abdul Hai Sarker, president of Bangladesh Textile Mills Association, welcomed the power sector proposal. But he said production costs in the textile sector would be higher for continuation of duty on the import of capital machinery.
Abul Kasem Khan, president of Dhaka Chamber of Commerce and Industry, said the government should have allocated Tk 10,000 crore for the power sector.
He also said there is challenge in the implementation. The government's priority for power, railway and transportation indicates that the proposed budget has a good vision.
“I want a separate ministry for railway," Khan said.
Musa Mia, president of Bangladesh Frozen Foods Exporters Association, also hailed the budget, saying that the proposed fiscal measures will help boost the export as there is an option of Tk 2,000 crore stimulus package for the next fiscal year.