Tk 7.46t budget likely for next fiscal year
A yet bigger budget worth Tk 7.46 trillion may be in the making for Bangladesh for the forthcoming fiscal year (FY), sources said, although the current one is trimmed for revenue-expenditure mismatch. According to the sources, Finance Minister AHM Mustafa Kamal may set sights high also on gross domestic product (GDP) growth for the fiscal year 2023-24, targeting 7.5 per cent in a further rebound from the crisis-induced dips. The new budget may be placed in parliament on June 1 (Thursday). A proposal in this regard has been submitted to Finance Minister AHM Mustafa Kamal, finance officials said, but the minister has the scope to defer the date by one more week until June 8. In the new budget, according to the officials, the government may set a target to keep inflation at around 6.0 per cent-in what is deemed a daunting task as the current rate still stands close by 9.0 per cent in resurgence after a descent from around a double-digit level amid price rises at home and abroad.
Huge export market awaits pharma industry
Bangladesh is increasingly becoming a global hub for manufacturing quality and low-cost generic medicines since many countries don’t have the facilities needed to produce drugs, industry people said yesterday. Only two countries, China and India, along with the developed world have pharmaceutical manufacturing capabilities, highlighting the opportunity for Bangladesh to emerge as a hub for drugs for the global market. “None other than China and India and the western world is as good as Bangladesh in pharmaceuticals. So, Bangladesh has tremendous opportunity,” said Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals Ltd. “In fact, Bangladesh is becoming a major global hub for high quality, low-cost generic medicines.” He made the comments while presenting a paper on “Pharmaceutical and healthcare in Bangladesh: Investing for growth, global integration and post Least Developed Country (LDC) market opportunities” at the Bangladesh Business Summit. The Federation of Bangladesh Chambers of Commerce and Industry organised the three-day summit at the Bangabandhu International Conference Centre to highlight the investment prospect in the country.
Trillion-dollar economy achievable before 2040
Bangladesh will become a trillion-dollar economy much before 2040 because of infrastructural developments, economic growth momentum and the confidence and indomitable spirit of local entrepreneurs, said FBCCI President Md Jashim Uddin yesterday. “We had a lot of constraints in the economy. We did not get available land to establish factories, get adequate gas and we had faced load shedding,” he said. “Even after these, we have been able to make the size of our economy around $470 billion,” said the chief of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
Bangladesh recorded economic growth of 6.5 per cent to 7 per cent even after so many constraints and the Padma Bridge’s opening will accelerate the growth by 1.3 per cent., he said.