An innovation-led growth needs to be focused for sustainable and equitable development, which is now the order of the day, former Bangladesh Bank governor Dr Salehuddin Ahmed said yesterday.

“The consumer-driven growth does not reduce inequality. We need to pay attention to the innovation-led growth for sustainability and equality,” he said. Salehuddin was speaking at a book launching ceremony in the city.

Mamunur Rashid, is the author of the book titled Expansion of Middleclass and Rise of Consumerism. The book contains several articles on different economic-related issues published on different dailies.

Bangladesh Institute of Development Studies Research Director Dr Binayak Sen said domestic consumer is the driving force for the economy which is good.

But knowledge-based society instead of consumer-based society should be built for encouraging humanity among people, he added.

“Now, we are walking back as some book shops turn tailoring shops.” 

Giving opposite view to an article of the book, former finance adviser to the caretaker government Dr AB Mirza Azizul said widening tax rather than raising tax rate is important for increased tax collection and reducing corporate tax for the listed firms attract good companies to list.

About an article, the prime minister’s economic advisor Dr Mashiur Rahman said banks fail to pay attention to the result of their investments.

He said they are engaged in disbursing credit in import and export businesses, which bring returns quickly.

Loan restructuring and write-off policies were taken under the influence of influential people, he said.

Planning Commission member Professor Dr Shamsul Alam said the rise of consumers increases demand, which brings pace in economic growth.

Mamunur Rashid said: “I am trying to present different issues in a limited scale for bringing those into the discussion.”