The proposed budget presents several fragmented but sincere efforts, such as increasing the tax-free income limit, initiatives to keep essential commodity prices affordable, and converting withholding tax into advance tax to aid businesses. However, the overall analysis reveals an overabundance of 'feel good' goals and a clear lack of strategic sharpness.
The budget speech begins with ten priorities, including universal education and universal healthcare. Yet, when these goals are translated into actions, strategic weaknesses become apparent. In education, despite the long-standing philosophy of universal education, the problem lies in the low quality of education. The budget fails to address this, focusing instead on traditional methods.
Similarly, in healthcare, while the goal of universal healthcare is correct, the reality is that infrastructure is being built without improving service quality. The plan to build new primary health centers in every upazila reflects the same infrastructure-centric thinking, ignoring the need to integrate and repurpose existing facilities.
Another major area of strategic weakness is expenditure inefficiency. Despite a large budget, proportional results are not being achieved. About two-thirds of the total budget is spent on administrative expenses. The proposed growth rate is questionable without a comprehensive restructuring of multiple investment agencies and separate training centers for each ministry.
There are some positive initiatives, such as the farmer card to provide assistance to 4.25 million farmers annually, which could help supply capital to the rural economy. However, the allocation for the agricultural sector has decreased from 0.63% to 0.61% of GDP, which is concerning.
The inclusion of the creative economy and sports economy is welcome, but the plan to build a creative hub in the eastern region risks being elitist. The traditional rural culture and artisan class should be the foundation of the creative economy, requiring economic security and copyright protection.
There is also a mismatch between words and actions. Despite strong statements about stabilizing the banking sector, there is ongoing chaos, particularly with Islamic banks. The commitment to building a merit-based society is not reflected in appointments, as seen in the recent BCB election.
In summary, the budget lacks strategic direction, which undermines sincere efforts.
