Friday, August 23, 2019 | ePaper

Check corruption first to ensure proper business climate

  • Print
THE Finance Minister on Thursday came up with big promises to improve the business climate, reduce the interest rate on lending, bring down bad loans, boost revenue income and develop the capital market. He vowed to carry on the promises for boosting economic growth and to live up to the expectations of the private sector. "We have to reduce the interest rate or else doing business will be tough….We will not impose any tax target on the National Board of Revenue. Rather, they will let us know what they can achieve," the Minister said after a meeting with business leaders in the city. Vowing to reduce the non-performing loans, he further said tax offices will be set up at 492 Upazilas across the country to increase revenue without hiking the existing rates.
We know, despite taking several mega-projects spending millions of taka, the number of foreign direct investment was negligible till the date. The business leaders also said they faced problems in doing business in the steel, cement, pharmaceuticals and some other sectors.  "A frustration is observed amongst the businesses as we assured them every year that we would fulfil their demands, but those are yet to be implemented," the Minister said. Indeed it's an honest confession of the Finance Minister.  It's a pragmatic observation too.
Though the country witnessed a steady growth of around seven per cent in the last couple of years, the overall business condition was not satisfactory at all. In particular, the banks - State-owned and private commercial both -- have experienced an unhealthy situation due to large amount of bad and unrecoverable loans. Such banking atmosphere has severely bothered the country's businesses and entrepreneurs.  Apart from big-scale corruption, the banking sector was also allegedly involved directly or indirectly in money siphoning through misinvoicing.
However, the banks and the loan defaulters both have got some extra facilities to overcome the situation. We expect, the business climate would be improved, the banks will be able to recover their lost image, and the business would be no more get frustrated. But first of all, the Finance Ministry will have to play a strict role to check the corrupt practices.

More News For this Category

Now Indian syndicates behind Yaba trading

SEVERAL Indian syndicates are smuggling Yaba pills from Myanmar and then sending them into Bangladesh through their carriers. The Detective Branch of Dhaka Metropolitan Police (DMP) revealed this following the

ACC fails to gain trust of common people

THE 11 ACC officials whose faulty and biased investigation led to wrongful imprisonment of Jaha Alam for three years have been promoted to senior ranks. Even the Anti-Corruption Commission's (ACC)

A Brilliant Mind

Mahabubar Rahman :["Kullu Nafsin Jaikatul Mowt" (All living being has to embrace death.)- Al Quran]Despite humans know the meaning and spirit of the above verse of Holy Quran and inevitability

Agricultural Development

Dr. Md. Shairul Mashreque :Agriculture in sustainable ways (meeting society's food and textile needs in the present without compromising the ability of future generations to meet their own needs) based

Muhith can't be blamed, he is part of the system

National Board of Revenue has allowed former finance minister AMA Muhith to release an imported car under the duty-free scheme meant for the Members of Parliament. The NBR on

We have to see positive results in our relations with India

INDIAN External Affairs Minister S Jaishankar on Monday reconfirmed his government's stance on most-hyped Teesta water-sharing treaty that remained "unchanged" and "mutually acceptable formula" for sharing water of 54

Readers’ Forum

Departure is the regular routine of nature. Someone before, someone after. The mortal body mixes with the soil and with it, one has to tempt to pull from all

Equity In The Workplace

Taslim Ahammad :Equality in the workplace helps bring together workers from all different backgrounds, and lays all perspectives on the table. It promotes company networking, boosts morale, and builds

Kashmir Dispute

Mohammad Amjad Hossain :Unsolved Kashmir issue has flared up again following Indian administration of the BJP revoked Indian Constitutional Article 370 dislodging special status to Jammu and Kashmir without

Rohingya repatriation shouldn't be delayed

THE much complicated Rohingya repatriation process is set to begin on Thursday, around 10 months after the first attempt failed as the refugees refused to go back without assurance of