Tk 679,350 budget for next FY proposed
Published : Friday, 29 April, 2022 at 12:00 AM Count : 383
In order to revitalize the country's economy after the coronavirus crisis, the budget for the upcoming fiscal year 2022-2023 is being proposed focusing on education, health, agriculture and social security sectors.
Initially a budget proposal of Tk 6, 79,350 crore has been prepared for the next financial year. This is 15.38 percent of the gross domestic product or GDP and Tk 75,669 crore more than the budget of the current financial year.
The size of the budget for the current fiscal year was Tk 603,681 crore. Finance Ministry sources have confirmed the news.
According to sources, a meeting of the Budget Monitoring and Resource Management Committee was held on Sunday.
Finance Minister AHM Mustafa Kamal presided over the meeting. It is learned that Abdur Rauf Talukder, Senior Secretary, Finance Department, Ministry of Finance, presented various aspects of the budget for the fiscal
According to sources, a budget of Tk 6, 79,350 crore has been estimated for the upcoming 2022-2023 fiscal year.
The deficit of the budget has been estimated at around Tk 2, 50,000 crore, which is 5.5 percent of the total GDP.
In the first week of June, Finance Minister AHM Mustafa Kamal will present the budget for the fiscal year 2022-2023 in parliament.
This is the 52nd budget of independent Bangladesh and the 14th consecutive budget of the present government and the fourth budget of Finance Minister AHM Mustafa Kamal.
The projected GDP growth target for the next 2022-2023 fiscal year has been set at 7.5 percent. The GDP growth target for the current financial year is 7.2 percent.
On The other hand, the projected inflation target for the next fiscal year has been set at 5.5 percent. The inflation target for the current financial year is 5.3 percent.
The total income in the next fiscal year has been estimated at Tk 436, 0000 crore. This is 9.9 percent of GDP. The total income for the current fiscal year is Tk 389,000 crore. As a result, the total revenue in the next budget is increasing by Tk 48,000 crore.
Meanwhile, it has been proposed to give NBR a target of collecting Tk 370,000 crore out of the total revenue of the next fiscal year. This is about 8.4 percent of GDP. In the current fiscal year 2021-22, NBR has been given a target of Tk 330,000 crore. As such, the target will be increased by Tk 40,000 crore and proposed in the budget of the new fiscal year.
Besides, in the next budget, out of the total revenue, the revenue from non-NBR sector has been estimated at Tk 18,000 crore. Non-tax revenue has been Tk 49,000 crore.
The former advisor to the caretaker government and renowned economist Dr Hossain Zillur Rahman said, like last year, this time the context is very challenging. People's income has decreased. Negative growth is also prevailing in the revenue collection situation. As a result, the government is going to present the budget of the coming year at a difficult and challenging time.
He urged the government to give priority to investment and employment this year.
The size of the annual development programme (ADP) is estimated at Tk 250,000 crore, which is 5.6 percent of the GDP.
In the current fiscal year, the size of ADP is Tk 236, 793 crore. Of the 1,591 projects in the ADP, 1,372 are investment projects, 120 are technical assistance projects, 9 are development projects from own allocation and 90 are self-financed projects.
On the other hand, the expenditure of management and other sectors is Tk 425,139 crore, which is 9.8 percent of GDP. However, none of these figures are final yet.
Meanwhile, the overall situation of the Covid-19 pandemic is being reviewed at every moment.
Everyone is urged to adhere to the rules of hygiene so that the Covid-19 infection does not spread again.
The Health Minister has said that new restrictions will be imposed to prevent corona infection. These issues are being given priority in the forthcoming budget, said the officials of the Finance Department.