In the current fiscal year the growth will be 7.24 percent

Replying to a question from Mamunur Rashid Kiran, a member of the parliamentary standing committee of the parliament, on Tuesday, the Bangladesh Bureau of Statistics (BBS) quotes the current account.The Finance Minister said that the target for GDP growth in the fiscal year 2017-18 is 7.4 percent. In the fiscal year 2015-16, GDP growth has reached 7.11 percent. Various steps have been taken by the government to achieve high growth. Steps have been taken to establish economic zones in potential areas to encourage rapid economic development, industrialization, employment, production, export growth and diversification of export products.He said, the policy decision for establishing 100 economic zones across the country has been taken. By May 2017, 22 economic zones have been approved. The governing board approved the placement of 59 economic zones and 76 economic zones. Apart from this, 2017-18 fiscal year, there are plans for development of 10 more economic zones.Abul Maal Abdul Muhith said different steps have been taken to reduce the barriers to the power of investment, delay in procurement of gas, institutional complexity in investment processing, lack of free land, high interest rates of loans etc. Initiatives have been taken to speed up the activities of modernization of land management, records and registration methods. Besides reducing the interest rate of loans through financial reform, opportunities for borrowing from a foreign country were made.He said that the flow of credit to the private sector from the bank system, including keeping the budget deficit restricted, has been kept undisturbed. Increasing efficiency, including financial management system, has encouraged investment by reducing interest rates on loans.
The minister said Bangladesh investment development authority 'Bangladesh Investment Development Authority (BIDA) has been formed by integrating the activities of the investment board and privatization commission to improve investment environment through providing one stop service'.