In order to greatly promote Bangladesh’s ready-made garment industry, Bangladesh Finance Minister Abul Maal Abdul announced that the 2013-14 fiscal budget will reduce non-woven import tariffs by 20%.
However, the budget does not allocate new funds to re-establish the garment industry in safer clusters.
With more than 1,100 people killed in the Rana Plaza building collapse, industry insiders want the minister to allocate significant funding to address workplace safety issues.
Instead, the minister gave only an assurance that the government would take all possible steps together with stakeholders.
Mr. Mohit, Member of Parliament of Bangladesh, said: “To prevent incidents like the Rana Plaza from happening in the future, we are committed to taking all possible measures to improve working conditions and safety in factories together with all stakeholders. Standard.”
Bangladesh’s GDP growth is likely to be around 6% in the current fiscal year ending on June 30, the lowest since 2009-10.
This budget aims to bring the growth rate back to the track of 7.2% in 2013-14, and increase expenditure next year by 16% to 2.22 trillion taka.
