Independent economists and private sector leaders have teamed up with the financial policymakers to advise the government on macroeconomic issues as the economy shows signs of sluggishness amid erosion of business confidence. They all grouped together in a ‘consultative committee on macro-economy’ to suggest measures to put the economy back on track and infuse dynamism into the business sectors, finance ministry officials said.

Finance adviser Mirza Azizul Islam heads the committee, formed on Sunday incorporating leading economists, trade leaders, central bankers and secretaries to the economic ministries and divisions. The committee will sit from time to time to address any awkward situation in the business and investment fronts, officials said. Slain former finance minister Shah AMS Kibria headed a similar committee formed in March 1997, they cited.

‘Issues relating to investment, business, capital market, bad loans, lending and prices of essentials will come up prominently in the meetings of the consultative committee,’ read the terms of reference of the committee. ‘The committee will elaborately discuss the government’s future planning of macroeconomic management and give recommendations through active participation of the private sector players,’ a high official in the ministry told New Age.

The first meeting of the committee is expected to be held at the end of September. Businesses see formation of the committee as a positive move of the government to incorporate the private sector stakeholders’ views at a time when large-scale investment and expansion of business have been stymied. ‘First of all, the government has to rein in the activities of revenue intelligence and indiscriminate drive against tax-dodging which have scared all in the businesses,’ an industrialist, requesting anonymity, told New Age.

‘Untaxed money should be brought in productive sectors after realising nominal tax,’ he viewed. Another chamber leader said the government’s strategy should aim at removing fear and anxiety that grip the country’s investment and business sectors.