The Crime Desk: The 53rd budget of the country is going to be presented on Thursday (June 6). Finance Minister Abul Hasan Mahmud Ali will present the proposed budget for the next financial year (2024–25) in the National Parliament.
This will be his first budget announcement and the first budget of the fourth consecutive term of the Prime Minister Sheikh Hasina-led government. The proposed budget will be presented in Parliament at 3 p.m. on Thursday.
Sources in the Ministry of Finance said that the size of the proposed budget will be 7 lakh 97 thousand crores. In the budget, the target of total income, including revenue income, is Tk 5 lakh 41 thousand crores. The remaining 2 lakh 56 thousand crores will be targeted for borrowing. The annual development program (ADP) of Tk 2 lakh 65 thousand crore has already been approved.
The title of this year’s budget speech is ‘Commitment to Build a Happy, Prosperous, Developed, and Smart Bangladesh’. Budget sessions are usually long. The budget is expected to be passed on June 30.
According to National Board of Revenue sources, several essential products may get tax exemptions in the proposed budget to control inflation.
The budget deficit will be 2 lakh 56 thousand crores, which is 4.6 percent of GDP. A few sectors have been selected as sources to meet this huge deficit. Major among them is the banking sector. A target of 1 lakh, 37 thousand, 500 crore rupees is being taken from this sector.
Apart from this, it is said that assistance of 1 lakh, 27 thousand, and 200 crore rupees will be available from abroad to meet the budget deficit. This includes project loans of Tk 1 lakh crore. Apart from this, 15 thousand 400 crore rupees will be taken from savings bonds, which are considered a non-bank sector.
Revenue Collection Target: The total revenue collection in the new financial year is estimated at Tk 5 lakh, 41 thousand crores. In the current financial year 2023-2024, which was 5 lakh crores, Revenue growth has been estimated at 8 percent.
As always, the National Board of Revenue (NBR) will be responsible for generating the majority of the new revenue. In the financial year 2024-2025, NBR has been given a revenue target of 4 lakh 80 thousand crores. Another 15 thousand crores will come from non-NBR. And the target of receipt without tax is 46 thousand crores.
The growth of gross domestic product (GDP) in the next financial year has been estimated at 6.75 percent. Which was 7.5 percent in the current financial year. Later, it was reduced to 6 and a half percent. However, the World Bank has predicted that GDP growth in the current financial year could be a whopping 5.6 percent. The International Monetary Fund (IMF) has projected growth around the same.
