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Thursday, June 2, 2016, Jaistha 19, 1423 BS, Shaban 25, 1437 Hijri


Tk 3.41 lakh crore budget unveiled
Observer Online Report
Published :Thursday, 2 June, 2016,  Time : 4:42 PM  View Count : 49
Finance Minister Abul Maal Abdul Muhith is placing the Tk 3,40,605 crore budget for the fiscal 2016-17 at the Parliament on Thursday. 

This is the eighth consecutive budget of Muhith as Finance Minister during the Awami League regime.

The national budget for fiscal 2015-16 was Tk 2,95,100 crore. 

The revenue receipts have been estimated at Tk 2 lakh 42 thousand and 752 crore which is 12.4 percent of GDP, of which NBR tax revenue is estimated at Tk. 2 lakh 03 thousand 152 crore (10.4. percent of GDP)

Tax revenue from non-NBR sources has been estimated at Tk. 7 thousand 250 crore which is 0.4 percent of GDP while Tk. 32 thousand 350 crore (1.6 percent of GDP) is expected to be collected from non-tax sources.

Total expenditure for FY 2016-17 has been estimated at Tk. 3,40,605 crore (17.4 percent of GDP). A total of Tk. 2,23,578 crore has been allocated for non-development and other expenditure (11.4 percent of GDP). The ADP size has been fixed at Tk. 1,10,700 crore (5.6 percent of GDP). Including ECA loan of Tk. 3,000 crore of power sector, the cost of self financed projects of autonomous bodies will stand at Tk. 12,646 crore. After taking this amount into account, total size of ADP will be Tk. 1,23,346 crore (6.3 percent of GDP).

The overall budget deficit will be Tk. 97 thousand 853 crore which is 5.0 percent of GDP, of which, Tk. 61 thousand 548 crore (3.1 percent of GDP) from the domestic sources and rest Tk. 36 thousand 305 crore (1.9 percent of GDP) will be financed from the external sources.  

Of the domestic financing, Tk. 38 thousand 938 crore (2.0 percent of GDP) will come from the banking system and Tk. 22 thousand 610 crore (1.1 percent of GDP) from savings certificate and other non-banking sources.

In the proposed budget, 28.3 percent of the total outlay has been allocated to social infrastructure sector, of which 25.2 percent has been proposed for the human resource sub-sector, that is education, health and other related sectors. 29.7 percent of the total allocation has been proposed for the physical infrastructure sector, of which 13.6 percent will go to the overall agriculture and rural development, 10.2 percent to overall communication and 4.4 percent to power and energy sector. 24.5 percent of the total allocation has been proposed for the general services sector.

To solicit people's opinion Finance minister stressed for bringing fundamental changes in budgetary framework. He said, future budget framework will comprise total receipts on one side and total expenditure on the other. 

He said, under these heads, accounts of income and expenditure of the government and its subordinate agencies will be separately shown. Revenues collected by NBR, non-NBR tax revenues, non-tax revenues and other revenue surpluses from different corporations will be shown on income side. Grants and loan from foreign sources, other foreign loan such as supplier's credit, borrowings from national savings certificates and banking sector will also be included in the income side.

On the other hand, expenditure on revenue and development accounts, development expenditure of different government bodies and repayment of domestic and foreign debt will be shown on the expenditure side.

QH







Editor : Iqbal Sobhan Chowdhury
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