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Economics

Opportunity to convert black money into white money, for whose benefit?

Economics

by M A Khaleque

Tue, 11 Jun 24

Opportunity to convert black money into white money, for whose benefit?

Finance Minister Abul Hasan Mahmud Ali has presented a budget proposal for the upcoming fiscal year (2024-2025) with a total size of 7 lakh 97 thousand crore taka. Of this, revenue is 5 lakh 41 thousand crore taka, and the expenditure is 2 lakh 56 thousand crore taka. This means there will be a deficit of 2 lakh 56 thousand crore taka in the budget. To cover the budget deficit, loans totaling 2 lakh 51 thousand 6oo crore Taka will be obtained from various domestic and foreign sources. Of this, 90 thousand 700 crore Taka will come from foreign loans. Additionally, it is expected that 4 thousand 400 crore Taka will be received as grants to help cover the budget deficit. Due to the failure to collect the desired level of revenue from domestic sources, Bangladesh is increasingly becoming dependent on foreign loans. Currently, Bangladesh's tax-to-GDP ratio is 7.6%, which is the lowest among South Asian countries.

Opportunity to convert black money into white money
Austerity Budget 2024-25

Economics

by Jahangir Alam

Sun, 9 Jun 24

Austerity Budget 2024-25

With a commitment to building a happy, prosperous, advanced, and Smart Bangladesh, Finance Minister Abul Hasan Mahmood Ali has presented the new budget for the fiscal year 2024-25 in the parliament. This is his first budget, the 25th budget of the Awami League government, and the 54th budget of Bangladesh. It is also the 21st budget under Prime Minister Sheikh Hasina. The size of the budget has increased rapidly during this government's tenure. In the fiscal year 2009-10, the total budget was BDT 1,10,523 crore. After 15 years, in the fiscal year 2024-25, it has increased by 621.12% to BDT 7,97,000 crore. The proposed new budget is 4.62% higher than the original budget of the current fiscal year and 11.56% higher than the revised budget. The size of this budget is 14.20% of GDP. The original budget size for the current fiscal year was BDT 7,61,785 crore, which was 15.21% of GDP. The size of the first budget after independence was BDT 786 crore. The proposed new budget is 1,014 times higher than that budget.

Austerity Budget 2024-25

State and Politics

No progressive force can be found in the country now
No progressive force can be found in the country now

Education

No progressive force can be found in the country now

In seeking an answer to the question of which path Bangladesh is on, we must examine the clear objective of establishing a powerful, prosperous, and democratic state. Mere protest and resistance against malevolent forces yield no significant benefit; at best, they may only replace one corrupt power with another. Constructive thought and action are necessary. We must break the existing laws, regulations, and structures to establish better ones, not to perpetuate disorder. We need to break down the old to build anew, not just to destroy. The focus now must be on building.

Eviction of Mironjilla settlement of Harijan community by City Corporation is lack of conscience
Eviction of Mironjilla settlement of Harijan community

Politics and Bureaucracy

Eviction of Mironjilla settlement of Harijan community by City Corporation is lack of conscience

The measure of a society's civilization is determined by the rule of law it upholds. Alongside race and religion, humanity is a significant aspect of a country. Ignoring this humanity and the rule of law, an eviction drive was carried out in the Mironjilla settlement of the Harijan community in Ward 33 of Banshal, Dhaka. In this eviction drive, one person, overwhelmed with anger and despair, attempted suicide. Despite being supposed to attend school in their uniforms, students joined a human chain to protest against this eviction.

What are the consequences of Israel Palestine conflict?
What are the consequences of Israel Palestine conflict?

Diplomacy

What are the consequences of Israel Palestine conflict?

The horrific massacres in Gaza are undoubtedly distressing. Amid the prevailing discontent in the Arab world, various perspectives have emerged regarding the ongoing conflict in Gaza, leading to a divided public opinion. Questions have arisen about whether the decision to engage in intense conflict in Gaza was solely made by Hamas or if there were other resisting factions or allied forces involved in making this crucial decision. In such an unstable period, when the entire region was on the brink of a potentially catastrophic situation, this decision seems to have further exacerbated the situation

No one Knows about corruption of powerful while they are in power!
Unprecedented Benazir

Politics and Bureaucracy

No one Knows about corruption of powerful while they are in power!

I find it hard to believe the widespread allegations of Benazir Ahmed, the former Inspector General of Police, amassing substantial illegal wealth; after all, he had received the Integrity Award from the Ministry of Home Affairs. Integrity refers to righteous conduct, good behavior, and actions enriched with principles and ethics. The norm is to award officials and employees for honesty, integrity, and dedication to duty. Benazir Ahmed not only received the Integrity Award but also won the BPM Award five times for his brave role in the police force. If he lacked integrity, it would be unlikely for him to receive the BPM Award five times solely for his courage.

Is Bangladesh's food security really at risk?
Bangladesh's food security really at risk

Politics and Bureaucracy

Is Bangladesh's food security really at risk?

If the news is true, it is indeed alarming. Bangladesh ranks among the top ten countries facing food insecurity. According to a report from the Global Report on Food Crises 2024, published in Bonn, Germany, Bangladesh is eighth in the list of countries experiencing prolonged food insecurity. The summary of this index states that nearly 176 million people, or 62.5 percent of the total population in 59 countries, are facing severe long-term food insecurity, with some requiring urgent humanitarian assistance. In this context, the top ten countries are Congo, Nigeria, Sudan, Afghanistan, Ethiopia, Yemen, Syria, Bangladesh, Pakistan, and Myanmar.

Historic June 7 marks inception of spirit of independence
Six-Point

Politics and Bureaucracy

Historic June 7 marks inception of spirit of independence

Every year on June 7, we observe 'Six-Point Day' with due respect. The Six Points and June 7 are intricately linked in the history of the national liberation struggle. The significance of the Six Points and June 7 in our national life is immense. On June 7, 1966, under the leadership of the Awami League, the people of Bengal observed a comprehensive strike against the Pakistani rulers, demanding the release of Sheikh Mujibur Rahman and all other political prisoners. This day is marked by the blood of many martyrs, including Manu Miah and Mujibullah, staining the historic Six Points. Later, at the beginning of the mass movement in 1969, the Six Points evolved into the Eleven Points, leading to the historic 1970 election, and ultimately, through the sacrifice of a sea of blood, we achieved the single point of independence in 1971.

Industry

Power import from India to get costlier
Power import from India

Power and Energy

Power import from India to get costlier

The cost of importing electricity from India has increased. A review of the electricity import costs over the past five years shows that in the last fiscal year alone, the cost of imported electricity jumped by 2 taka 6 paisa per kilowatt-hour (unit). When questioned about this price increase, many attributed it to the start of coal power imports from Adani. The Adani Group's plant in Jharkhand was constructed solely for selling electricity to Bangladesh. It has been criticized for having slightly higher electricity prices compared to other imported coal-fired power plants in the country.

Why is Bangladesh fascinated in the renewable energy of the neighbor
Why is Bangladesh fascinated in the renewable energy of the neighbor

Power and Energy

Why is Bangladesh fascinated in the renewable energy of the neighbor

The price of solar photovoltaic panels has decreased to 11 cents per watt in the global market. Adding incidental costs for inverters and infrastructure brings the cost to 14 cents per watt. Without any additional expenses for land acquisition and management, Bangladesh is seeing the potential for renewable energy production through solar power. Bangladesh is seeking to import electricity generated from renewable sources like Nepal, Bhutan, and India. But why? So, is Bangladesh paying more attention to buying electricity produced by renewable energy from its neighbors? It is not unusual to ask such a question.

International

Millions start Hajj in shadow of Israel’s war on Gaza

Millions start Hajj in shadow of Israel’s war on Gaza

Millions start Hajj in shadow of Israel’s war on Gaza

More than 1.5 million Muslim pilgrims have gathered in Saudi Arabia’s Mecca for the start of Hajj, taking place this year against the harrowing backdrop of Israel’s continued onslaught on the Gaza Strip.

120 mn people forcibly displaced globally: UN

120 mn people forcibly displaced globally: UN

Rohingya

A staggering total of 120 million people are living forcibly displaced by war, violence and persecution, the UN said Thursday, branding the ever-increasing number a "terrible indictment on the state of the world".

Special Content

Additional tax burden to impede journey to Smart Bangladesh
Smart Bangladesh

by Rased Mehedi

Thu, 6 Jun 24

Additional tax burden to impede journey to Smart Bangladesh

The proposed budget for the fiscal year 2024-25 has raised a complex question among analysts regarding the allocation in the Telecommunication and Information Technology sectors. Analyzing this budget from a supportive or non-supportive perspective for these two sectors is crucial. No budget can entirely satisfy everyone, but the extent of satisfaction or dissatisfaction determines whether the budget is evaluated as supportive or non-supportive. While the announcement of extending the deadline for tax exemption in the Information Technology sector is promising, increasing taxes in the Telecommunication sector might impede the progress of Smart Bangladesh.

National

Economics

Opportunity to convert black money into white money, for whose benefit?
Opportunity to convert black money into white money

by M A Khaleque

Tue, 11 Jun 24

Opportunity to convert black money into white money, for whose benefit?

Finance Minister Abul Hasan Mahmud Ali has presented a budget proposal for the upcoming fiscal year (2024-2025) with a total size of 7 lakh 97 thousand crore taka. Of this, revenue is 5 lakh 41 thousand crore taka, and the expenditure is 2 lakh 56 thousand crore taka. This means there will be a deficit of 2 lakh 56 thousand crore taka in the budget. To cover the budget deficit, loans totaling 2 lakh 51 thousand 6oo crore Taka will be obtained from various domestic and foreign sources. Of this, 90 thousand 700 crore Taka will come from foreign loans. Additionally, it is expected that 4 thousand 400 crore Taka will be received as grants to help cover the budget deficit. Due to the failure to collect the desired level of revenue from domestic sources, Bangladesh is increasingly becoming dependent on foreign loans. Currently, Bangladesh's tax-to-GDP ratio is 7.6%, which is the lowest among South Asian countries.

Promotion

Diplomacy

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