Stimulating private sector growth

THE critical role that private sector investment can play in facilitating the government's effort to achieve 7.3 per cent GDP growth in the next fiscal need not be overemphasised. But to make that happen, it is important that the government creates an investment-friendly climate for the private sector entrepreneurs.
Identifying high bank interest rate, corporate tax, corruption and political uncertainty, among others, as the main barriers, business leaders, bankers and experts on trade, finance and economy at a discussion meet in the city advised the government to address those to stimulate private investment growth.  Also, they underscored the need for providing the prospective investors with adequate supply of gas and electricity.
Being in the thick of it, the business leaders know better the problems of private sector growth. So, the government, if it is serious about meeting its projected GDP growth target, should heed the well-meaning suggestions made by the business leaders.  
Granted, last year's political turmoil was largely to blame for the government's failure to attain targeted GDP growth in previous fiscal. Since the government in office is also a major player in maintaining political stability, we hope, it would do its best in this respect to create an enabling environment for businesses so that they may contribute significantly towards the government achieving its development goals.
While encouraging investment, the government cannot also afford to be oblivious of some potential, but currently ignored sectors like jute. If the jute mills, some 40 in number, that have been shut down during the last three years could be rejuvenated, they would generate large-scale employment as well as contribute hugely to the economy.