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HomeFREE SPEECHSome urgent steps are needed for a smooth journey

Some urgent steps are needed for a smooth journey

Bangladesh gained independence in exchange for 3 million lives and blood equal to the sea. In the 50 years of victory, Bangladesh is moving forward from the fragile state after independence, from the ridicule of the bottomless basket. Different countries of the world are following the progress of Bangladesh. We can see the results of many sectors, many indicators, many studies for how far we have come. None of this is positive. However, it is important to take steps to increase remittances and stop money laundering. Then the journey on the development highway will be smooth.

The documentary says that the size of the economy was 6.3 billion in FY 1981-82 – it has now surpassed হাজার 40 billion. Bangladesh is the 41st largest economy in the world. Bangladesh is set to become the 25th largest economy in the world in 2035, experts say. They say that it is not impossible to achieve this goal by formulating far-sighted policies. Now 99 percent people of the country are getting electricity facility. The rate of education has increased. Increased life expectancy is old news. The size of the economy that was ৬ 8.3 billion in FY 1981-82 has now surpassed 40 billion.

It is expected to reach বিল 500 billion by 2025. The per capita income of the people of the country will be 3 thousand dollars. In 2019, the GDP growth was 7.15 percent. Despite the hostility of Corona, this growth was more than 5 percent in 2021. Governor of Bangladesh Bank Fazle Kabir expressed hope at the ‘Second Bangladesh Economic Conference 2021’ on December 30 at Hotel Intercontinental in the capital. “Our expectation is that in 2022, the growth rate will exceed 6 percent,” he said. In the last five decades, the number of people living below the poverty line in Bangladesh has come down from 60 percent to 20 percent. Foreign exchange reserves rose from ১৪ 140 million to ৬ 46 billion. Income from exports has increased more than 100 times. Bangladesh has become the second largest garment producer in the world. The country’s food grain production has increased from 9.9 million tons to 45.4 million tons. This information inspires us, inspires us, builds confidence more deeply.

Corona poisoning spread across the country in 2020. The economy and development were affected. The country has survived the great shock of that scandal. On November 24, the UN General Assembly approved the recommendation to take Bangladesh to the next level from the list of Least Developed Countries (LDCs). Through this, Bangladesh has completed all the processes of transition to developing countries. The transition from the LDCs is not only a success for a specific country, but also a testament to the strength of the UN-led multilateral partnership. Last February, the Committee for Development Policy (CDP) of the United Nations Economic and Social Council recommended that Bangladesh move away from the LDCs.

Kaushik Basu, a former chief economist at the World Bank and former chief economic adviser to the Indian government, says of Bangladesh’s 50 years of achievement, the country has already become a case study for world economic development, which very few economists have estimated.

Excluding the World Bank loan, Bangladesh is constructing the Padma Bridge with its own funds. The bridge is being prepared for traffic in June 2022. The Padma Bridge is proof that Bangladesh can stand on its own two feet. The installation of a single span of the Padma Bridge through the fog of doubt is reminiscent of the texture of Bangladesh’s success. Prime Minister Sheikh Hasina with her sister Sheikh Rehana walked on the Padma Bridge on the morning of 31st December.

Bangladesh is moving forward. In 1972-73, the per capita income of the country was 8 US dollars. According to the Bangladesh Bureau of Statistics (BBS), the current per capita income of the country is 2222 US dollars. In the fiscal year 2019-20, the per capita income was two thousand 24 US dollars. It has increased by 10 percent in one year. Bangladesh is ahead of neighboring countries in per capita income.

Experts say our economy will surpass trillion dollars by 2030. Skills in the banking sector will be very important in this regard. Officially, it used to cost 25 rupees to distribute 100 rupees, but it has come down to 80 paise.

About 80 per cent of the financing of the Tk 1.6 lakh crore stimulus package announced by the government during the Corona period is being implemented through the central bank and banking system. This is certainly a good initiative. However, we need to create more facilities for sending remittances to those who are expatriates in our country. Increasing the benefits of sending remittances legally is good for the country.

Corruption and irregularities in the financial sector are not being stopped. It must be stopped. Before that it has to be reduced step by step. Not all can be stopped so many nights. But we all want the goodwill to stop it. For this, it is time to shake Bangladesh Bank. The former governor of the organization Mohammad Farasuddin made such remarks at the Second Bangladesh Economic Conference 2021 on December 30 at Hotel Intercontinental in the capital. We think his statement is appropriate. Farasuddin said that whenever a complaint comes, the day it comes, it should be investigated and action should be taken. When an investigation report goes into the drawer, the flow of corruption begins. The time has come for Bangladesh Bank to take action against corruption and irregularities, to give shock.

He also said that Bangladesh Bank has done well in controlling inflation, maintaining currency values, overseeing foreign trade and banking sector in the last five decades. According to him, Bangladesh Bank is one of the few prominent partners in the growth of macro-economy and its social transformation and overall development. Despite the ups and downs, he has been able to take the whole matter forward with utmost fidelity.

Money laundering can be stopped if Bangladesh Bank, Customs and Civil Aviation Authority work together. This is not impossible. Speaking at the conference, Mohammad Farasuddin said, “The low value of the dollar for imports, the 1 per cent incentive for general exports and the 2 per cent incentive for expatriates – these do not support economics. Neither country’s economic experience encourages them. Without doing all this, by doing a survey in a month or two with those who know and understand, if necessary, if the value of money against the dollar is devalued by 2-4 percent, better results will be obtained than at present. Because, imports are increasing tremendously. On the other hand, expatriate income has decreased by-400-500 crore in the last six months. I don’t like the picture.
Former governor Atiur Rahman has said that the pressure on the exchange rate has increased recently. Because, in the last five months, the import has suddenly increased by 54 percent. Hopefully, imports of capital equipment have increased by 30 per cent and imports of raw materials by almost 100 per cent. These are investment friendly. In order to overcome this temporary pressure, he proposed to increase the incentive on expatriate income from 2 percent to 3 percent. At the same time, even if the interest on the bonds for expatriates is reduced, every investor can be given an opportunity to buy more than Rs 1 crore. This will increase the supply of dollars in the country. His proposal needs to be taken seriously.

Perth Sarathi Das: Writer and journalist



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