The difference between information and communications technology (ICT) literacy and education on the one hand and the lack of it, on the other, will divide people in two broad categories where the latter will lag behind in income and living standard
Given the confident growth of the country's agro industry of late from its tentative start decades back, the sector is now making increasing demand for investment. The paucity of fund for agro-processing industry and its sub-sectors has been a major constraint to its further expansion. It should be noted that most of the agro-processing ventures fall under the category of small and medium-sized enterprises (SMEs). An allocation of only Tk 2.32 billion as against a total demand for Tk 20 billion until January 31, 2017 clearly indicates the yawning gap between the demand and availability. So the Bangladesh Bank (BB), of which brainchild the fund is, has been forced to ensure availability of Tk 6.0 billion for the fiscal year (FY), 2017-18, for implementation of agro-based projects. The fund will still be short of the requirement but at least it will be a substantial rise on the amount made available for the current fiscal.
As things now stand, the BB handed over the responsibility to the Investment Corporation of Bangladesh (ICB)-managed Equity and Entrepreneurship Fund (EEF) in 2009 after running the show itself since the fund's creation by it in the FY 2000-2001. The purpose, as evident from its title, was to inspire and create entrepreneurship and generate employment at the grass-roots level. No doubt, some progress has been made in that direction but it is far from the desired shape and size. Along with agro-processing, information and communications technology (ICT) at this level was in focus. So, simultaneous investment was made in order to reap as much benefit as possible from this sector as well. Almost double the amount (Tk 4.06 billion) was earmarked in the current fiscal for this sector but sadly not adequate number of qualified and competent entrepreneurs was there to receive funds under this head.
This brings to the fore the grim reality of not making a proper assessment of the situation obtaining in the country. When there are more entrepreneurs lining up for credit than the ICB can serve in the agro-processing sector, there are not sufficient number of fund receivers in the ICT division of the venture. Still more worrying is the fact that the country is unable to produce a large number of aspiring techno-savvy young men who could take charge of expediting the process of digitisation in the country's vast rural areas. The difference between ICT literacy and education on the one hand and the lack of it, on the other, will divide people in two broad categories where the latter will lag behind in income and living standard.
In a situation like this, the demand obviously will be more for greater investment in the agro-processing sector. No doubt, under the prevailing condition, this sector certainly merits more funds because competent candidates are there. But this does not mean, the fund allocated for ICT should be slashed. In fact, ways have to be found out for producing more and more young techno wizards, expenditure notwithstanding, who can speed up the expansion of ICT at the grass-roots level. The sooner this is done the better for the country.
