‘Reducing income inequality a time-consuming matter’

Law Minister Anisul Huq on Monday (19 February) said the government is implementing medium and long-term multi-dimensional plans to reduce the gap between the rich and the poor.

The law minister was answering a question on behalf of Planning Minister Abdus Salam from Opposition Chief Whip Mujibul Haque Chunnu.

“It is true that reducing income inequality is a time-consuming matter, although high economic growth has been achieved and poverty reduced significantly,” he said.

 In the latest income-expenditure survey, the Gini coefficient value of income inequality in 2022 is 0.499 for Bangladesh.

However, on the basis of consumption, inequality in Bangladesh stands at 0:30-0.32, which has reduced the impact of income inequality.

The law minister said that economists believe that consumption expenditure is a more reliable measure of inequality. Income inequality is a natural feature of market economies, rooted in the unequal distribution of wealth and human capital.

He also said through inclusive growth that sees the benefits of growth equally distributed among the population, it is possible to reduce income inequality.

The law minister said that the government is sincere about eradicating poverty and income inequality. Inclusive economic development is at the core of all long and medium term planning development strategies of the government.

In response to another question of Awami League MP elected from Natore-2  Shafiqul Islam Shimul, the law minister said that the initiative to build underground lines and underground substations in various areas including the metropolitan areas of the country with the aim of modernizing the public safety and power system, and providing fair and quality electricity is going on.

“Already about 2,742 kilometres of underground line construction work has been completed by electricity distribution organisations/companies.”