'Inflation is the biggest challenge in FY 2023-24 budget'

The President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Md. Jashim Uddin, stated, "In the upcoming budget for Fiscal Year (FY) 2023-24, our main challenge is the inflation.

He remarked this during a program called "Kemon Budget Chai 2023-24" on aired by a bangladeshi private television channel.

Mr. Uddin said, "In the past 40 years, we have not seen such a bad time. This because of the Russia-Ukraine war. Not only in Bangladesh but also the whole world is going through this difficult situation. We have experienced a 20% decline in sales to consumers in America and Europe."

He stated, "In coming days, We have to face many challenges. We are growing from low-income to high-income. Our dream is to achieve a Sustainable Development Goals (SDG) by 2030 and become a middle-income country by 2031 and developed country by 2031.

This year's budget is very important to eastablish these dreams. We need to keep these goals in mind while formulating the budget."

The FBCCI President further said, "Our agricultural sector is doing well. Here in Bangladesh, Food security is very important. We have many products that need to be imported, including agricultural products and essential commodities.

Advanced tax and VAT adjustments need to be made on these imports. We want to ensure the well-being of the mass people and to handle the inflation into right direction."

During the programme, the honorable Minister of Planning Muhammad Abdul Mannan, Agriculture Minister Dr Abdur Razzak, Distinguished Fellow at the Centre for Policy Dialogue (CPD) Professor Mustafizur Rahman, and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem were responded to various questions from different professions and individuals.