They praised the budgetary measures for highest allocation for human resource development with emphasis on education and IT, continuation of tax exemption and rebate for agro-processing, jute and textile industries and reduction of duties on importing basic raw materials.

The trade bodies also welcomed the proposals of reduction in duties and supplementary duties on some important essential commodities to decrease inflation.

However, the business leaders stressed good governance and strong monitoring system to implement the goals mentioned in the budget.

They also criticised some lapses, such as absence of specific allocation for SME foundation and direction for rejuvenating the capital market.

They said the budget needs to be integrated with policies like export, import, industrial and SMEs policies for smooth growth of investment.

FICCI
Terming the proposed budget of Tk697.4 billion ambitious, Foreign Investors' Chamber of Commerce and Industry (Ficci) expressed disappointment about the high dependence on bank borrowing as well as foreign aid to meet the budget deficit.

The chamber also grilled the proposal of inadequate allocation for the power sector and the scope for whitening undisclosed income through purchase of property, land and vehicles.

The chamber recommended reduction in corporate tax rates and allowing a central registration system for manufacturers.

DCCI
Commending the budget as a positive one to achieve the targets of SME development and poverty reduction as enshrined in the PRSP, the Dhaka Chamber of Commerce and Industry (DCCI) expressed mixed reaction.

The DCCI praised reduction in income tax to 15 per cent for diamond cutting and polishing industry and duties on importing raw materials of emerging plastic, melamine and electronic industries.

The chamber, however, has criticised some points of the proposed budget. It said there has been no specific allocation for SME (small and medium enterprises) development.

It also put forward a recommendation for the development of the capital market and privatisation process.

BJSA
Bangladesh Jute Spinners Association (BJSA) welcomed waiver of duties on imports of machinery as well as increased allocation for expansion of social security net and promotion of small and medium enterprises.

he association urged the government to ensure accountability and transparency in the administration through further improving the overall law and order situation to make the proposed budget fruitful.

BAPI
Welcoming the budget proposal, Bangladesh Association of Pharmaceutical Industries (Bapi) said the reduction in taxes on some imported raw materials will help protect the local pharmaceutical industry as they will be able to increase their exports.

BJA
Appreciating the rise in agriculture subsidy in the proposed budget, Bangladesh Jute Association (BJA) said the budget did not provide any facility to the jute sector although the item is an agricultural product.

CAB
Consumers Association of Bangladesh (Cab) said though the finance minister mentioned a specific direction for collecting revenue through indirect tax from the consumers, he did not talk about the protection of consumers' rights and welfare.