Dar es Salaam. The Confederation of Tanzania Industries (CTI) has called on the government to mull over increasing the budget for development.
The CTI suggests that at least 40 per cent of the total budget should be allocated for development, especially in the industrial sector with a view to boosting production.
The call was made on Monday, June 18, by the CTI chairman, Dr Samuel Nyantahe, during a press conference in Dar es Salaam.
In the 2018/19 financial year, the government plans to collect Sh32.47 trillion, out of which, 37 per cent will be used for financing various infrastructure projects such as energy, roads, railways and ports.
The remaining percentage, which is equivalent to Sh20.46 trillion, will be channelled to recurrent expenditure including, but not limited to, servicing the national debt and paying salaries.
Increase in current expenditure would act as a catalyst for industrialisation as the government would stand a chance to finance more development projects that have a direct link with the industry sector.
"CTI wishes to commend the government's efforts that aim at increasing industrial production, improving the business environment and enabling the sector to contribute meaningful towards economic growth, job creation and poverty alleviation," noted Dr Nyantahe.