The Institute of Chartered Accountants of Bangladesh (ICAB) said more allocation was expected for education, research and development in the proposed budget for fiscal year 2021-22.
"Budget allocation for social safety net seems to be inadequate considering the substantial number of people falling below the poverty level due to ongoing Covid-19", said Mahmudul Hasan Khusru, president of the Institute of Chartered Accountants of Bangladesh (ICAB), in a press release on Thursday.
He said, "The total size of budget amounts to Taka 6,03,681 crores which is equivalent to 17.5% of GDP. This year total budget has been proposed to increase by 12% over the revised budget of last year. Development budget has been increased by 13.96% as compared to last year."
"Targeted revenue of Taka 3,89,000 crores appears to be difficult to be realized due to the negative impacts of continued pandemic on economy," said Mahmudul Hasan Khusru.
He said, "Having set the GDP growth target at 7.2% is appreciable, however, it seems to be challenging to achieve."
"We appreciate the budget which focuses on employment generation, skill development, exemption in light engineering, agro-based industry and 'Made in Bangladesh' products", he added.