Agriculture and energy should get top priority

All's well that ends well – goes the saying. As this is the last budget for the government this term, they will definitely try to announce it on a promising note. But in doing so, two of the biggest challenges will be to control the price hike of the essential commodities, as well as prevent the energy crisis.

As far as the energy crisis is concerned, the government is right now in an uncomfortable situation and they have made a couple of mistakes in this regard.

First, the money being taken away from us in the name of capacity charge is taking a toll on us.

Second, due to the lack of foreign currency, we do not have a smooth supply of gas, coal and diesel. And now due to lack of uninterrupted supply of electricity, both the general people of the country and our industries are getting affected.

If the RMG sector and others do not have good production, they will not be able to export products, and bring foreign currencies in return. That would further facilitate the economic crisis.

Earlier, the government took a stern position against the unnecessary usage of electricity. That was a very good step, but now everything has once again come back to its regular self. I think once again the government needs to be strict in such cases. Until the economic situation comes back to a tolerant level, we must be more economical.

Also, the government's biggest priority should go to the agricultural sector. Even amid such an economic crisis, our people are not fully starving, because they have rice on their plate. And that is due to the fact that our local production has been up to the mark.

People can adjust with their need for some products, for example sugar; they can still survive consuming 1 kg instead of 3 kg. But they cannot do without rice.

During the height of the Covid-19 pandemic two years ago, the government rightfully prioritised the vaccination sector. However, given the current economic crisis, it is crucial to shift the focus towards prioritising agriculture.

The government has to take both macro and micro levels into consideration. It has to increase subsidies for farmers, and ensure that farmers are being provided with seeds and fertilisers in time. If our agriculture does not remain in a stable condition, people in general will feel the blow of the economic crisis more than ever.

Anwar Faruque is the former secretary of the Ministry of Agriculture and advisor to the Feed the Future Bangladesh Horticulture Activity

BUDGET FY2024 / Bangladesh National Budget 2023-24