Tk 5.25 trillion national budget for 2019-20 on cards
Published : Sunday, 17 March, 2019 at 12:00 AM Count : 94
The government is expecting to draft Tk 5,24950 crore (5.25 trillion approximately) national budget for fiscal year 2019-20 which is 13 percent bigger than the budget of the current fiscal year.
The high powered committee working on the next budget made it a provisional estimate and the figure may go up or down in final estimate, the sources close to the committee said after a meeting yesterday at Padma Guest House in the city.
The forthcoming budget will have more emphasis to higher growth, accelerated infrastructure development, effective implementation of ongoing projects, specially the mega projects, allocate more funds for productive sector to accelerate employment, exports and higher growth, a source having access to the meeting said.
At the same time, poverty reduction will be given equal importance. 22 percent of the people of the country are still at poverty level. The budget will be used to reduce poverty quickly. This will also give importance to education to develop profession based and work oriented manpower.
Finance Ministry sources said, the government is planning to bring the country's overall domestic production (GDP) growth to two digits before 2021. For this, budget is now being planned for a three year cycle - one year passed another year included. Job creation and human resource development will receive highest priority in the new budget.
During 2017-18 7.88 percent GDP growth was achieved. This year, it is expected to be around 8 percent, the sources said.
The sources said, rural development will be high on the budgetary priorities. Quality of education and modernization of education will dominate next budget. Supporting villages providing, agricultural inputs and giving fair price of produce to farmers will be high on the budgetary outlines.
Banks will be forced to go to villages, electricity connections to all homes, low cost internet connection to users, and allotment of land to landless farmers will be ensured. In addition, sewage treatment and drinking water will be ensured across the country.
Meanwhile, the Finance Ministry has taken initiative to change of the budget presentation in the parliament. For this reason, the Ministry has decided cut budget speech in the next fiscal year (2019-2020) instead of reading out the entire budget.
The budget speech for fiscal 2018--19 was 156 pages and lasted about five hours. The Ministry is trying saving time producing major highlight before the House.
As well as other booklets of the budget document will be reduced. In this year's budget presentation, the digital system will be used more widely. Print version documents will be reduced, these information, Finance Ministry sources said.
Finance Minister AHM Mutafa Kamal recently said that the next budget will be public friendly. The general people will understand that the next budget. It will make arrangements job for at least one person in every family.
The Minister further said that every village will be made like a city. "Young generation will be our real economic force. We planning to build hundreds of economic zones across the country," the minister added.