B Mirror Desk:
In a bold vision for the future, Finance Minister Abul Hasan Mahmood Ali outlined plans for a ‘Smart Bangladesh’ with significant economic advancements and improvements in quality of life by 2041. Presenting the national budget for the financial year 2024-25, Mr. Mahmood revealed ambitions for per capita income to reach $12,500, a substantial increase from current levels.
On Thursday, Finance Minister Abul Hasan Mahmud Ali proposed a Tk 797,000 crore budget in the National Parliament. During the presentation, he emphasized that achieving the ‘Smart Bangladesh’ vision involves reaching a per capita income target of at least $12,500 by 2041. Currently, the per capita income stands at $2,784, having risen from $2,749 in the previous fiscal year, marking an increase of $35 within the year. In monetary terms, the current per capita income is Tk 3,06,144, up from Tk 2,73,360 last fiscal year.
Per capita income growth
The growth in per capita income has been steady over recent years. According to data from the Bangladesh Bureau of Statistics (BBS), the per capita income was $2,591 in the 2020-21 fiscal year and increased to $2,793 in 2021-22. This trend supports the government’s optimistic projections for 2041.
Key economic indicators
The finance minister also highlighted critical economic indicators for the envisioned ‘Smart Bangladesh.’ He set forth the expectation that by 2041, the poverty rate would fall below 3%, with extreme poverty eliminated entirely. Inflation is projected to stabilize between 4% and 5%, while the budget deficit is anticipated to remain below 5% of GDP. The revenue-to-GDP ratio is expected to exceed 20%, and investment is projected to rise to 40% of GDP. These figures reflect a concerted effort to balance economic growth with fiscal stability.
Technological and social advancements
The minister underscored the role of technology in transforming the country into a ‘Smart Bangladesh.’ By 2041, the nation aims to achieve a 100% digital economy, with a focus on science and technology-based literacy. This will involve comprehensive digital infrastructure, supporting various aspects of everyday life, from education to healthcare.
Healthcare and urban development
Healthcare is a critical component of the vision, with a commitment to making medical services accessible to every citizen. The minister emphasized that all essential services will be readily available, including automated communication systems and sustainable urbanization initiatives. This is part of a broader goal to develop a society where essential needs and services are met through efficient and advanced means.
Towards a cashless and paperless Society
As part of the digital transformation, the government envisions a paperless and cashless society by 2041. This initiative aims to streamline transactions and reduce reliance on traditional paper-based processes, fostering greater efficiency and transparency in both public and private sectors.
Focus on equity and justice
Underlying these economic and technological advancements is a commitment to building a society based on equality and justice. The minister stressed that the ultimate goal is to create a happy and equitable society, where every citizen has the opportunity to thrive.
In conclusion, the budget presentation by Finance Minister Abul Hasan Mahmud Ali sets forth an ambitious roadmap for ‘Smart Bangladesh’ by 2041, with a focus on substantial economic growth, technological advancements, and social equity. Achieving these targets will require concerted efforts across various sectors, but the vision offers a hopeful glimpse into a prosperous and inclusive future for Bangladesh.
