Press Release: Budget 2015-16: A Continuation to Preserve the Status Quo and Inequalities of Capitalism

Press Release
Budget 2015-16: A Continuation to Preserve the Status Quo and Inequalities of Capitalism

The Finance Minister AMA Muhith has placed Taka 2,95,100 crore proposed national budget for the year 2015-16 before the Parliament on June 04, 2015. The GDP (Gross Domestic Product) growth target of 7% has been set for the coming financial year (FY) focusing on poverty alleviation, expanding social safety net, improving agriculture and the energy sector. But like all the previous national budget, this one is also nothing short of a planned cold-blooded ‘capitalist art of deception’ highlighting the faulty GDP growth as all-important measure of success. The key purpose of such huge budget is to pave ways for the ruling party leaders and wealthy elites to make fortune to the detriment of the end-users of this budget. Bigger budget will put more pressure on the general people as the government decided to draw upon Taka 1,76,370 crore from tax revenue for the coming FY which includes an extra tax burden of Taka 41,568 crore. Our experience under this capitalist democracy tells us that development budgets, Taka 102,599 crore for FY 2015-16, are means to give financial benefits to the ruling party members and loyalists, a necessary nourishment to keep the democratic politics and institutions alive. To deceive the citizens, Muhith told that government decided to increase the tax exemption threshold, whereas it is not being highlighted that his government also increased the minimum tax limit for individuals. Moreover, government’s decision to survive on foreign borrowing (Taka 30,134 crore) to meet the GDP target will be a burden on the national economy as the common people will essentially have to repay the debt. Thus, while the politics-business nexus of ‘crony capitalism’ imposes more burdens on the shoulders of the common people through the budget, they facilitate the destructive behaviour of the wealthy elites in the form of lowering corporate tax, subsidizing quick rental plants, and many more.   

Hizbut Tahrir will keep reminding that for eradicating poverty and ensuring a decent living standard, the people of Bangladesh need to get rid of the diseased capitalism, which is the basis of the national budget. For real economic growth and sustainability, we call for open dialogue regarding the flawed capitalist economic system that only focuses on GDP or GNP increment, even if that increase was in the pockets of corporate houses and not reaching the general public.  As a real alternative to the current capitalist crisis, 000 000 has outlined a detailed Islamic economic system to be implemented by the Khilafah soon that focuses on the distribution of wealth and benefits to every member of the nation, not just the national production. The Khilafah will completely secure the satisfaction of all of the basic needs (food, clothing and housing) for every citizen (Muslim and non-Muslim) of the Islamic State, and unlike capitalism, it will not let the wealth circulate amongst the wealthy elites.

RasulAllah (saw) said,

«لَيْسَ لاِبْنِ آدَمَ حَقٌّ فِي سِوَى هَذِهِ الْخِصَالِ بَيْتٌ يَسْكُنُهُ وَثَوْبٌ يُوَارِي عَوْرَتَهُ وَجِلْفُ الْخُبْزِ وَالْمَاءِ»
“The son of Adam has no better right than that he would have a house wherein he may live, a piece of clothing whereby he may hide his nakedness and a piece of bread and some water.” [Tirmidhi]    

Media Office of Hizbut Tahrir, Wilayah Bangladesh