New stimulus for CMSMEs bodes well for economy.

The government has rolled out two fresh stimulus packages involving Tk 2,700 crore to boost the cottage, micro, small and medium enterprises (CMSMEs) and expand the social-security scheme for the elderly and widows in poverty-stricken areas.Prime Minister Sheikh Hasina Sunday approved the new schemes also aimed at improving the living standards of rural marginalised people, according to a finance ministry statement. The implementation of the new packages will begin soon. With these two, the government has so far rolled out 23 bailout packages announced on different occasions since March last year to absorb the economic shocks from the coronavirus pandemic.The total amount of financial assistance now stands at Tk 124,053 crore, 4.44 percent of the country's GDP. The approval of the new schemes comes following recommendations from various stakeholders during a series of dialogue organised recently by the finance ministry on overall aspects of stimulus. At the discussions, business leaders, government officials and representatives from banks, development partners and agencies suggested expanding the credit coverage through government and semi-government agencies related to the cottage industry and small and medium enterprises. They also recommended steps to improve the living standards of marginal people and expand the social-safety coverage for the poor. CMSMEs are the lifeline of Bangladesh's economy, hence the sector should get special consideration and priority in the industrial policy for an inclusive, sustainable socioeconomic development, as experts usually suggest. Encouragingly still, Nurul Majid Mahmud Humayun, industries minister, while addressing a DCCI webinar recently as chief guest, agreed to the observation and said that an inclusive development of cottage, micro and small enterprises is important. Moreover, he informed that creating new entrepreneurs, strengthening backward- linkage industry, employment generation, reducing discrimination between urban and rural economy would get priority in the next industrial policy as they need to increase the contribution of CMSMEs to GDP which is 25 percent now apart from strengthening...