Khabor Wala Desk
Published: 9th June 2022, 8:12 PM
Following the presentation of the National Budget for the Fiscal Year 2022-23, Obaidul Quader, the Awami League General Secretary and Minister for Road Transport and Bridges, has lauded the proposed fiscal plan as a “pro-people and business-friendly” strategy.1 Speaking to journalists outside the Jatiya Sangsad Bhaban (National Parliament Building) yesterday, Mr Quader expressed his firm belief that the new budget provides the necessary stimulus to revitalise an economy still recovering from the global pandemic while navigating the headwinds of international volatility.
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A central pillar of the Minister’s endorsement was the government’s commitment to social equity. Mr Quader highlighted that the allocation for the Social Safety Net Programme (SSNP) has seen a substantial increase of Taka 7,000 crore compared to the previous fiscal year.2 This expansion is designed to provide a critical cushion for the nation’s most vulnerable citizens, including the elderly, widows, and the physically challenged.
“The issues of lower-income groups and middle-class people have been brought to the fore in this budget. It is, quite simply, a budget for the poor,” Mr Quader remarked.
By prioritising the expansion of welfare coverage, the government aims to ensure that the recovery remains inclusive. This move is particularly significant as global commodity prices continue to fluctuate due to external supply chain disruptions, placing immense pressure on household budgets across Bangladesh.
Beyond social welfare, Mr Quader emphasised the “business-friendly” nature of the proposals.3 The budget introduces several measures intended to lower the cost of doing business and encourage private investment. For instance, corporate tax rates for both listed and non-listed companies have been proposed for reduction, a move expected to enhance the competitiveness of local industries.4
The Minister noted that by fostering a conducive environment for entrepreneurs, the government is not only seeking to hit its ambitious 7.5% GDP growth target but is also focusing on large-scale employment generation. This dual focus—balancing industrial growth with social protection—is what Mr Quader describes as the “hallmark” of the current administration’s fiscal philosophy.
The following table outlines the pivotal figures and reforms mentioned during the budget reaction and official presentation:
| Fiscal Category | Previous/Revised (FY 2021-22) | Proposed (FY 2022-23) |
| Total Budget Size | Taka 5,93,500 crore | Taka 6,78,064 crore |
| Social Safety Net Allocation | Taka 1,06,576 crore | Taka 1,13,576 crore |
| Corporate Tax (Listed) | 22.5% | 20.0% |
| Corporate Tax (Non-listed) | 30.0% | 27.5% |
| GDP Growth Target | 7.2% | 7.5% |
| Inflation Target | 5.3% | 5.6% |
The Minister concluded by acknowledging that while the budget is optimistic, it remains grounded in the reality of the post-Covid world. The focus on reviving internal demand while managing inflation at a target of 5.6% is a delicate balancing act. Nevertheless, Quader remains confident that the “realistic and timely” interventions proposed by Finance Minister AHM Mustafa Kamal will solidify Bangladesh’s status as one of the region’s most resilient economies.
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