Thank you prime minister
As the global pandemic Coronavirus continues to wreak havoc on the global economy including ours - government sponsored incentive packages appeared as the need of the minute. However, the latest government decision adopted under the political leadership of Prime Minister Sheikh Hasina to declare incentives for businesses and low income people is commendable. All nations have made similar declarations of injecting money into their respective economies, coming to the aid of sustaining businesses while helping the low income and needy group of people.
The latest Tk 67, 750 crore stimulus package will definitely bring respite to many. The latest package arrives following the previous Tk 5, 000 crore incentive package for paying the salaries and allowances of export-oriented industries' workers and employees. Together, the total incentive amount now stands at Tk 72, 750 crore. It is approximately 2.52 percent of our national GDP.
Thank you for taking such a well timed and crucial financial decision prime minister.
The latest stimulus package will be allocated in phases, categorised as "immediate, short and long" for four clearly chalked out programmes. The four programmes are: increasing public expenditure, formulating a stimulus package, widening social safety net coverage and increasing monetary supply.
In difficult moments as now, the matter of profit or the sliding of the revenue should take backseat. It would be wrong to expect the government to come and rescue all because the country also has numerous multinationals with huge monetary turnover every year. In a period of emergency, these corporations need to sideline the pathological urge to maintain a line of profit to do their part in helping those who have lost their jobs and are staring down the barrel.
However, it was an awkward move for a number of RMG owners to call the workers back to the city when the official emphasis has steadfastly been on social distancing. While the decision was later overturned, the lack of basic common sense became only too apparent from the move. Even if textile factory owners have to pay salary of staffs from their own pockets, factories should remain closed for at least the entire month of April.
During this time, the world is and will be under a clampdown and expectedly many work orders will be cancelled globally, not just in Bangladesh. As for the government incentives, the money should go to those whose businesses have suffered the most - restaurants, medium range businesses plus SMEs. To overcome the adverse impact, large private corporations need to announce incentives.
We expect our business community to realise, all years cannot offer bonanzas.