The New Nation - Internet Edition

Staff Reporter

Speakers at a pre-budget seminar yesterday urged the government to prioritise employment creation in its fiscal policy and to continue subsidies to farmers on diesel, electricity and fertiliser.

They said high priority should be assigned to rural development, education and health sectors because of their contribution to poverty reduction.

Vice Chancellor of the University of Development Alternative Prof Emazuddin Ahmed spoke as chief guest at the seminar organised by Industrialists and Businessmen Welfare Foundation (IBWF) at the VIP lounge of National Press Club.

Editor of The New Nation Mostafa Kamal Majumder was the special guest at the event.

Prof Emazuddin in his deliberation advocated for the extension of tax holiday facilities beyond June 2008 to promote promising industries and to increase uses of natural gas in industries in lieu of household uses.

The former VC of Dhaka University suggested removal of barriers on business by easing bureaucratic tangles.

He stressed the need for improving skills development facilities for labours so that the country can earn more remittances by sending skilled manpower rather than sending unskilled or semi skilled people abroad.

"There is no alternative to facilitate proper education for development of the nation. So priority on education is a must," he said.

Mostafa Kamal Majumder said the Government's fiscal policy should be aimed at sustainable development of the country. He spoke in favour of protecting cultivable lands that are being occupied for other uses.

"To increase production in one sector, production opportunities in other sectors should not be disturbed -that is happening in the country at present," he said adding, "development should be sustainable."

He suggested increasing participation of people in development activities. "Set people free, so that they can come forward with spontaneous initiatives," he said.

Vice Chairman of Islamic Economics Research Bureau Prof Ayubur Rahman Bhuyan presented the keynote paper at the seminar presided over by senior vice president of IBWF Najir Ahmed.

In his keynote paper, Ayubur Rahman Bhuyan suggested upward adjustment of fuel prices "without fearing public reaction" to mitigate budget deficit in view of soaring prices in the global market

Prof Ayub also suggested increased allocation for science and technology, and power sectors and also to make a block allocation for rehabilitation of Sidr and flood affected sectors like agriculture, livestock and fisheries.

He urged for raising the level of tax-exempt income from the existing Tk 1.50 lakh to Tk 2.50 lakh because of the sharp rise in the cost of living.

He also argued for reducing corporate tax from existing 40 per cent to 30 per cent.

President of Japan-Bangladesh Chamber of Commerce and Industry Abdul Hoque and Vice president of Bangladesh Textile Mills Association (BTMA) M Jamal Uddin also spoke at the seminar, among others.