It’s a very significant budget: BGMEA

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan has termed the proposed budget for the next fiscal year very significant one as the country celebrates 50 years of Bangladesh’s independence and given the situation due to global pandemic, reports UNB.

“We’ve received the digital copy of the proposed budget and are looking into it. But we need time to come up with an official observation,” he said in a video message.

Finance minister AHM Mustafa Kamal on Thursday proposed to continue additional export incentive at the rate of 1 per cent in the next financial year as well.

The BGMEA president hoped that the budget gave much focus on all issues related to the lives and livelihoods considering the current situation.

Faruque said the BGMEA board will evaluate the budget in detail on Saturday and will brief the media at 2pm on Saturday.

As per the directives of prime minister Sheikh Hasina, in FY 2019-2020, the government started providing an additional 1 per cent cash incentive along with other existing export incentives to the textiles and RMG industry, and as a result, the sector has been able to successfully cope with the effects of the pandemic.

As this has continued in the current fiscal year, the textile and garment industry has turned around and achieved the expected exports despite the challenges arising from the pandemic situation.