Wednesday, November 20, 2019 | ePaper

The adverse impact of development

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WHAT'S surprising is that number of bank accounts having more than Tk 1 crore in deposit has increased more or less three times along with a five times rise in the deposited money in those accounts over the last decade. Such rise in high net-worth population indicated that the rich are becoming richer day by day and the poor poorer. It's also raising concern over possible social grievance. The so-called development projects have intensified the income inequality while the middle class people fell in under the poverty line. Bangladesh Bank data revealed that, the number of accounts with Tk 1 crore in deposit has increased by 288.5 per cent to 56,650-76,286 at the end of March this year. The number of such accounts was 19,636 in March, 2009. Furthermore, the deposit in those bank accounts has increased 500.89 per cent or to Tk 4 lakh crore at the end of March this year. The deposit in the accounts was Tk 79,865.95 crore at the end of March, 2009.
There is no doubt that -- the relatively high rate of economic growth combined with rising inequality in income distribution is the major reason behind such trend in the bank deposit by a segment of people. The Bangladesh Bank and National Board of Revenue should investigate the sources of fund of the depositors to know whether the money was earned legally. The number of such accounts was only five in 1972 and 47 in 1975. We do believe that the situation emerged as the government runs economic policy that goes opposite to the country's constitutional prescription of socialism. The government follows the crony capitalism that results in high economic growth without checking legality of the source of income. On the other hand, the World Bank's 'Bangladesh Poverty Assessment' report estimated that more than half of the population is now vulnerable to poverty since the value of their consumption stood close to the poverty.
It's the duty of the government to dig out the defects of their economic policy which has allegedly taken only to serve the politically-blessed businessmen and patronize corrupts.

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