My secret budget delight 101

If not a free lunch, a national budget day reminds me of a courtesy dinner.

I have been enjoying these dinners since my apprenticeship as a journalist. No matter whether I worked for a newspaper, a TV or a radio station, a wire service or a news site – all of which I had to work for, fortunately or unfortunately – I always remember dinner being served on budget day.

Sometimes it was "Hajir Biriyani", sometimes "Fakhruddiner Kacchi", or sometimes "kebab and naan" from Mohammadpur's Mustakim or Selim.

Budget-related food stories for journalists don't end here.

The day after the budget is placed, the finance minister, accompanied by other senior ministers, joins a press conference which is followed by snacks.

I was not fortunate enough to taste the post-budget snacks as I had never been a business reporter, thus missing out the chance to be invited to such an event.

However, as a political reporter covering the Parliament, I, upon invitation, joined a couple of dinners on the day the national budget was passed by the Jatiya Sangsad.

Instead of the full-course dinner, I would rather prefer the special one served in the newsroom on budget day.

I had a query for a long time: why is there this tradition of courtesy dinner at the media houses on the budget day?

One senior business reporter told me it might be because of previous practice of late-night work.

There was a time when the finance minister would complete his budget speech in the evening.

Then the reporters would come to the office. After some chats and smokes, they would sit to write and send the copies to the news editors' desk. So, one or two media houses started arranging refreshments for journalists for special jobs late in the evening.

As time passed, it spread to other houses, too. Soon it became a tradition that has been in practice since.

But I wasn't convinced by this version. 

I love and enjoy the tradition of mass feasting in the newsroom on budget day.

As I said earlier, I had never been a business reporter. It, however, did not spare me from working on budget stories. Rather, budget days meant I was busier than usual despite knowing less about the budget than my contemporaries.

Perhaps, that is the reason why I am not good at formulating and executing personal and family budgets.

But, never underestimate a journalist who is called "jack of all trades, master of none."

I may not be a master on budget, but that didn't mean I didn't understand it.

I know the budget is placed at the National Parliament, usually on the first or second Thursday of the month of June. I also know that the treasury bench MPs, while taking part in the budget discussion, talk long about successes of the government, without focusing too much on the main topic.

I knew the opposition MPs also talk long, criticising everything the government does: "Amar kichhui bhalo lage na (I like nothing about it)", but again very few words on the budget.

Gone are those days.

Nowadays the opposition is very small. We also have come across such opposition leaders that leave us confused whether the Leader of the Opposition is a treasury bench member.

Anyway, another budget is in the offing.

No matter how deep my knowledge on the matter is, I am no less enthusiastic than anyone else – be an expert or a layman.

First thing first. The size of the budget may be just a figure for many, still it gives an impression about the state of economy of a country.

Like a poor person proud of having a rich relative without any personal benefit, one must know about the size of the budget if they want to show pride in Bangladesh's economy, which is second-largest in South Asia, 35th largest in the world in nominal terms and 25th largest by purchasing power parity.

What a collective standing!

Joke apart. The national budget has two important segments: revenue income, and operational and development expenditures.

As a private sector guy, I do not have much interest in revenue expenditures as it is basically for salaries and other operational expenditures of the state machinery.

But, yes! Out of jealousy I have one point – when their pay-scale gets almost double and new incentives are announced for the government employees.

But let's forget about jealousy. Rather, let's talk about revenue income and development budget that in many ways affects me -- positively or negatively. As income basically comes from taxes-VAT-excise-duty and borrowing from domestic and external sources, you have to know about tax and duties -- minimum tax-free income, tax slabs, VAT on daily essentials and services, and other necessities as well as VAT-tax impact on industries and imports which will ultimately affect the commoners.

Like you and others, soon after the budget is placed in the Parliament I rush to know about whether the prices of essential products will increase (decrease is very rare). Food items are a major concern. Gone are the days for me, but for many young parents, baby food might be a concerning matter.

Apart from food, there are other essential products. As my refrigerators are more than 22-year-old, same as my ACs, TV sets, ovens and other home appliances, with some needing immediate replacement, I am looking forward to this budget, in fact the duties.

Likewise, education expenses for kids and medical costs for elderly like us are other concerning issues. A cost hike for these kinds of services will affect the commoners. Obviously, we would be waiting to know how the budget will address the social issues such as poverty, homelessness, healthcare access and education affordability.

As one of my closest friends is looking for a flat to purchase in Dhaka and another one for a reconditioned car, those are other secrets of my budget interest this year. I believe many have similar curiosity.

But, many are in a puzzle whether an option to allow investing black money like in case of former IGP Benzir Ahmed will benefit the possible flat buyers from fixed-income group. Does the option of investing black money make the flats a bit cheaper due to an increase in the number of sales at a time of belt-tightening? Or, does the option make flats costlier? Black money holders may not come here, but for people like us having no extra income, per square foot price is the number one issue.

Then comes the employment issue for my near and dear ones who are desperate to get a job.

Some of them are preparing hard for BCS or other government services. Only a couple of them can have it, or maybe none. So, the private sector is the ultimate place. Will this budget open up new opportunities for job placement in the private sector by policy and fiscal support? I don't expect much.

If we want to make such a list, we can make a long one. Let's not go for a lengthy list at least here.

Budget is a policy guideline of a government. Again, it is everything about numbers and figures that affect our lives. So, a person like me having house loans would like to know whether the government's borrowings from banks will anyway affect my interest rates which started at 9.25% and in three years' time it reached 12.45%. Still, this is a monthly affair and month-end headache, but inflation is one thing that we have to face every day.

What will AH Mahmood Ali's tricks and tips be to arrest inflation? After all, it's his first national budget. We are waiting to see his secrets being revealed.