Jagdeo: Major focus on boosting citizens’ disposable income

Increasing citizens’ disposable income and enabling them to build personal wealth remain key priorities of the government, Vice President Dr. Bharrat Jagdeo said on Monday.
Speaking on the Starting Point talk show, Dr. Jagdeo outlined several interventions in this regard, including the allocation of more lands for commercial use, support for small and micro-businesses, and an increase in government contracts.
The vice president reminded that the government kept its 2020 promise that no new taxes would be introduced and has reduced income tax to increase the amount of money retained by citizens. Tax reductions on certain vehicles and equipment were also introduced to boost citizens’ disposable income.
“The second way of increasing disposable income is increased benefits to people; so, the children cash grant increase, the transport grant, the pensioners will see an increase, public assistance, public servants, all the groups that work for government, the part-time workers, everybody through higher wages and salaries,” the vice president said.
He continued that fishermen and farmers, for example, will also benefit from increased disposable income as the government supports them with financial input.
As it relates to wealth creation, Dr. Jagdeo laid out plans for the allocation of more government contracts to small and medium-sized contractors. He envisions an additional 5,000 new contractors to come on board with this initiative. He said small business development will also contribute to wealth generation.
“We are talking about opening up more lands for the small miners and also farmers; in Region six we are doing 30,000 acres, in Region five 55,000 acres… and we will have to increase (this) in different parts of the country,” Dr Jagdeo said.
He noted that the new lands would be utilised for smarter agriculture, and miners too will benefit, increasing production and growing their businesses.
Innovation and business development hubs in every region will also provide technical support, the vice president said, as the government vows to promote financial literacy and empowerment across the country.
He noted that the government will encourage co-investment where small businesses link with larger ones, and the government provides loans with zero interest through the development bank that will be established.