Press release: Professor, University of Chittagong Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Bangladesh House Building Finance Corporation and Executive Committee of Islami Bank Bangladesh Limited presented a paper  in the Webinar titled “National Budget 2021-2022: In the Pursuit of Economic Recovery” recently organized by the Business Studies Group of National University, Bangladesh(NUB)

The Vice Chancellor of NUB Prof. Dr. Md. Mashiur Rahman attended the webinar as chief guest. Prof. Dr. Atiur Rahman, Former Governor, Bangladesh Bank, and Prof. Dr. Mijanur Rahman, Former Vice-Chancellor, JagannathUniversity, delivered their expert opinion on the program as distinguished guests. Prof. Dr. Md. Anwar Hussain, Dean, Centre for Post-Graduate Studies, Training and Research, NUB, delivered the welcome address.

Dr Md Salim Uddin, said in his paper,that from all discussions on budget and  from the budget philosophy Government has determined for  protecting and saving lives and livelihoods by giving emphasis in the priority sectors and supporting businesses and marginalized communities affected by Covid-19 pandemic in order to pursuit economic recovery within stipulated time.

Dr Salim also remarked that in the national budget 2021-22, the government has put in all efforts to satisfy, to make happy and try to convince or please a wide range of people at varying levels with tax cuts for businesses, a widened social safety net with handsome budget allocation, by giving highest priority to health, education and agricultural sectors in terms of allocation, tax incentives and other strategies and realistic target for the NBR compared to Revised Budget 2020-21

Key note presenter told that budget has been able to address the functionalities in the areas of Economy, Stabilization, Distribution, and Growth. Both for economic vibrant, recovery, industrialization and fiscal simplicity government has been taken major fiscal steps  such as  reduction in  entity’s tax rates,  new and extended tax holidays for hospitals, IT, home appliances, three and four wheelers tranpost, and made in BD products, reduction in advance income tax, reduction of duty on industrial inputs, lowering duty of tariffs in imports of micro bus and hybrid vehicles, and Value Added Tax (VAT) exemptions at local level manufacturing stage and trading stage.

Prof. Dr. Md. Mashiur Rahman said that we need to think and formulate strategies regarding after pandemic education system. He also emphasized that we need to design our redistribution system to break the capitalist system because this system only helps people of the society who belongs to higher class. He further added, low-income people should have right in the income of high-class society. Therefore, he urged about the proper designing of the redistribution system

Prof. Dr. Atiur Rahman, popularly known as the ‘Economist of the Poor People’ and a former Governor,delivered his expert opinion on the program. He stated that accountability and efficient administration free from corruption are the only solution to move ahead. He opined that more tax could be imposed on tobacco related products to make people discouraged on consumption of tobacco. He further stated that poor people of the society spend a significant amount of money on consumption of tobacco. So, the only way to forbid them is to increase the tax rate on tobacco. 

Prof. Dr. Mijanur Rahman identified some unique issues as a challenge in this pandemic situation e.g. cyber poverty gap, increasing income inequality, lack of budget implementation, and lower allocation in health and education sector. He also presented the scenario that comprises the budget of various countries of the world economy.

 Deans, chairmen, high officials, faculties, students, alumni of different departments of the NUB, teachers of the various affiliated colleges, and faculty members of different universities from home and abroad participated in the webinar. Prof. Dr. Fakir Rafiqul Alam, Chairman, Business Studies Group, NUB presided over the webinar. The program was moderated by Md. Saiful Islam, Lecturer, Dept. of Finance and Banking, NUB.