Agricultural subsidy has to go up and reach the poor peasants: Taka 1500 crore was provided in the 2005-2006 fiscal year budget as agricultural subsidy, but may be only Taka 500 crore has reached the actual needy peasants, the rest has been either squandered or misappropriated by the middle men or corrupt officials. The finance minister himself has admitted this (Janakantha 20-5-06). Thanks to the minister for admitting this mismanagement unhesitatingly. But it is really a matter of deep regret that a great number of peasants who work hard incessantly day and night to produce their crop amid high cost of seeds, diesel, and lack of electricity etc have been deprived of their due share of the subsidy paid by the government.

The responsibility of reaching the subsidy to peasants lies with the government itself. The government should formulate a sound policy of distribution creating awareness among the peasants as to how to get the subsidy from the authority. Cards should be issued to the really needy ones in the villages who actually plough the land, not the land owners only. This should be done by District Commissioner through upazila chairman authenticated by the Agriculture Department or through some NGOs. The card holders should be allowed to draw subsidy against their receipts for purchase of diesel, fertilizer etc, and be made aware of this facility through TV channels, print media, NGOs etc. The forthcoming budget should provide for all these.

Prices of daily essentials have to be kept under control: When the prices of daily essentials go up, it is the poor mass again who suffer. Their income from agriculture, salary, wages etc is limited and fixed. They have to borrow money at times to buy their daily needs. This makes it impossible for them to build any saving, rather they become indebted. Their per capita income, therefore, never goes up, rather it goes down whereas if economic conditions are made conducive so that per capita income of the poor mass is increased every year, poverty will reduce. Levy of increased duty, VAT etc on the daily essentials should, therefore, be avoided in the budget.

Balanced and rational distribution of wealth: During the last few years disparity in per capita income between the rich and the poor has widened substantially. To prevent this widening gap more revenue should be collected from the rich and less from the poor. Increase of taxes, duty and VAT should be effected on luxuries like big cars, jeeps, refrigerators, large TV's etc. This measure will rationalise the per capita income and wealth accumulation to some extent.

In order to support the policy of "more income more tax, less income less tax" the taxable income limit should be raised and tax slabs should be rationalised so that high income group pay more tax compared to less income group. This will render parity in distribution of wealth between the rich and the poor to some extent.

Old age allowance should be raised every year so that the unfortunate old people may lead their life a bit comfortably pursuant to inflationary pressure. This measure will also reduce poverty and eliminate disparity of wealth to some extent.

Education sector should get the highest allocation in the budget according to its importance. Primary education for both boys and girls should be fully free and food for education up to primary level must be maintained and so ensured that all students get the actual benefit. In fact if the benefit can be spread up to SSC level, the result will be excellent.

Austerity in public expenditure: A large portion of the national revenue is spent for running the state administration and payment of public servants' salary, wages, allowance, gratuities, pension and other benefits. State administration expenses comprise running and maintenance of vehicle, stationery and printing, traveling, telecommunication, utilities, foreign tours, entertainment, etc. A lot of corruption through inflated and false bills are common events in this sector. A large cabinet incurs a large amount of such expenditure. Unnecessary foreign tours consumes a lot of public money.

Conversion of the public vehicles into CNG alone can save 70 percent of the fuel expenses. The budget should provide for this conversion. Provision for monitoring and continuous auditing of the public expenditure by CAG and other committee should be made without fail.

Control of grafts and corruption: Corruption alone reportedly eats away 50 percent of the public expenditure resulting in low quality of the civil and other infrastructural and structural works. Graft acts as an hindrance to speed of the public efforts and economic development. Anti Corruption Commission is still not made operational in full force. The budget should provide for all financial needs of the ACC as an independent body. There is no alternative to control of grafts.

Activating the share market: A drowsy share market is not conducive to industrialisation at all. Recently the share index has gone down to an alarming low level which is an hindrance to capital accumulation. All necessary incentives as recommended by the DSE, SEC, and economists should be allowed to share market so that it is reactivated.

Development of tourism: This sector has always been ignored and neglected in the national budget whereas, tourism industry if developed, can earn a lot of foreign exchange for the country. There should be ADP allocations for development of infrastructural facilities every year like, Chittagong-Cox's Bazar. railway, other bridges, sea vessels between Cox's Bazar St. Martin, Kua-Kata, building of hotels and motels in the tourist spots etc.

Ali Idris FCA is a freelance contributor.