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Agricultural Sector Allocation in New Budget Falls Short

Industry: Agriculture & Livestock
Economic Tag: Govt.

Economists critique the new budget’s inadequate allocation for the agriculture sector, which stands at Tk 38,259 crore, comprising 4.80% of the total budget. While the Ministry of Agriculture sees a nominal increase in allocation, subsidies decrease slightly. Bangladesh’s stagnant rice yields, which have grown by just 0.52% annually over the past three years against a population growth of 1.3%, underscore the need for increased investment and subsidies to boost grain production. Despite global price reductions in fertilizers and oil, farmers haven’t benefited. Bangladesh’s heavy reliance on food imports, which increased from 9.3% of total food demand in 2010 to 11.2% in 2022, emphasizes the urgency of strengthening domestic production amidst stagnant yields and increasing imports.

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