Heading towards data anarchy: Debapriya on budget
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Wednesday
August 17, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
WEDNESDAY, AUGUST 17, 2022
Heading towards data anarchy: Debapriya on budget

Economy

TBS report
06 June, 2021, 01:45 pm
Last modified: 06 June, 2021, 03:18 pm

Related News

  • '$4.5 billion is a reasonable amount to ask for'
  • Time to negotiate external debt rescheduling: Debapriya
  • Anticipating a budget of inflation management, fiscal consolidation and growth trade-off
  • Economy will collapse if transparency not ensured in financial sector: Debapriya Bhattacharya
  • Dr Debapriya reappointed as member of UN body on LDCs

Heading towards data anarchy: Debapriya on budget

TBS report
06 June, 2021, 01:45 pm
Last modified: 06 June, 2021, 03:18 pm
Dr Debapriya Bhattacharya/TBS Sketch
Dr Debapriya Bhattacharya/TBS Sketch

Noted economist Dr Debapriya Bhattacharya has questioned key macroeconomic figures, saying various economic projections based on serious anomalies in data is leading to data anarchy.

He questioned the GDP growth figures as put forward by the finance ministry and per capita income which has now shown to have overtaken that of India.

Presenting a budget analysis of Citizens' Platform for SDGs – a coalition of different NGOs – he said it is incomprehensible the rise in per capita income during the Covid pandemic time, which the finance ministry shows to have risen to $2,227 in the current fiscal year from $2,064 in the previous fiscal year. In the budget speech the finance minister has said it will further rise to $2,462.

"Financial year 2021 was weaker than FY20 and yet the budget estimates says FY21 was better. I question this assumption," he said.

Debapriya, who is also convener of the platform, said the proxy indicators also tell a different GDP story. For example, how could public investment increase when annual development expenditure has dipped seriously this fiscal year.

The ministry has shown that public investment has increased to 24.2 percent this fiscal year against last fiscal year's 23.6. but while ADP implementation was 74.9 percent last fiscal year, it is only about 50 percent until April this fiscal year, leaving doubts about how much more could be implemented in the remaining two months of the financial year.

Similarly, private investment is shown to have increased from 23.6 percent last fiscal year to 24.2 percent this fiscal year. But contrarily, private sector credit growth decreased from last fiscal year's 8.6 percent to 8.3 percent until this April.

At the same time, key indicators such as capital machinery import and Quantum Index of Industrial Production and undertutilised electricity capacity have dipped.

So, in a sum-up, he said the GDP growth rate of 6.1 percent in FY21 does not consider the second wave of the pandemic.

And as such improvement in capital productivity is also not plausible.

Talking on the proposed budget's poverty outlook, Debapriya said the Eighth Five Year Plan had projected hardcore poverty to reduce to 8.3 percent in 2024, but the budget documents think it will reduce at twice the rate to 4.5 percent. This, he said, has been done not taking into account the Covid situation.

"Since the new poor were not considered in budget formulation, that is why they have not figured out in the proposed budget," he said.

"Both the planning and finance ministries are providing their own data, leading to a data anarchy," he said, adding that robust data is a prerequisite for economic development.

Top News

Budget 21-22 FY / Debapriya Bhattacharya

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Opposition supporters march during a protest against inflation, political destabilization, and fuel price hikes in Rawalpindi, Pakistan, on July 2. FAROOQ NAEEM/AFP VIA GETTY IMAGES
    Pakistan is drowning in debt
  • Photo: Noor-A-Alam
    Money exchangers can't profit more than Tk1.5 per dollar: BB
  • HC asks why delay in removing Wasa MD should not be declared illegal
    HC asks why delay in removing Wasa MD should not be declared illegal

MOST VIEWED

  • Dollar price drops by Tk8 in kerb market
    Dollar price drops by Tk8 in kerb market
  • Photo: Collected
    Bangladesh is not in a crisis situation: IMF
  • Banks limited to profit highest Tk1 per dollar
    Banks limited to profit highest Tk1 per dollar
  • Photo: Noor-A-Alam
    Dollar climbs to record Tk119 in kerb market
  • Photo: TBS
    Govt fixes area-wise staggered holidays for factories
  • Logo of Evaly. Picture: Collected
    Evaly chair appeals to High Court to restart business

Related News

  • '$4.5 billion is a reasonable amount to ask for'
  • Time to negotiate external debt rescheduling: Debapriya
  • Anticipating a budget of inflation management, fiscal consolidation and growth trade-off
  • Economy will collapse if transparency not ensured in financial sector: Debapriya Bhattacharya
  • Dr Debapriya reappointed as member of UN body on LDCs

Features

Photo: Collected

Which Nintendo Switch should you switch to?

22h | Brands
Photo: Collected

Welcome to the age of glass facades

1d | Habitat
Photo: Mumit M/TBS

Why artificial oyster reefs are the answer to our coastal embankments problems

1d | Panorama
Illustration: TBS

Anwar Group: From comb maker to owner of 20 companies

1d | Panorama

More Videos from TBS

Football academies to be built in 3 districts

Football academies to be built in 3 districts

44m | Videos
Russia will stand by its allies: Putin

Russia will stand by its allies: Putin

3h | Videos
BRT: A hazardous and troublesome project

BRT: A hazardous and troublesome project

8h | Videos
Reasons why wild animals are moving into cities

Reasons why wild animals are moving into cities

8h | Videos

Most Read

1
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

2
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

3
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

4
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

5
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]