BSS, Sangsad Bhaban :
Terming the national budget for fiscal year 2014-15 as a roadmap of development and progress for the next five years of the government, Finance Minister AMA Muhith Saturday told the Jatiya Sangsad with confidence that the proper implementation of the budget would expedite the pace of development and growth in building a happy, peaceful and prosperous Bangladesh.
“Like previous budgets, our proposed budget for FY15 has been termed as ambitious, unrealistic but I believe that the favourable global situation and our national reality along with our coordinated efforts would defuse all doubts about the proposed budget and we will be able to reach our expected target this time also,” said the finance minister in his concluding speech on the budget for FY 15.
He said the capacity and strength of the economy side by side with the government’s leadership ability and dynamism have reached such a height over the last five years that it is now able to implement the proposed fiscal plan under the capable leadership of Prime Minister Sheikh Hasina.
During his speech the finance minister announced to cut tax, duties and Value Added Tax (VAT) from a number of products and items, including drugs, sales of flats/buildings, hybrid motor vehicles, blister foil, billet, pin and stab, ink manufacturing, LPG cylinders, hand-made biscuits and cake.
He also announced to increase tax, duties and Value Added Tax (VAT) for some items including import of tires and MS rods. He also announced to withdraw VAT on some life-saving drugs used for treating cancer, kidney dialysis, vaccines for human, vaccines for veterinary insulin and herbal products.
About the Padma Bridge, Muhith said the government planned to construct the Padma bridge with own finance and work order has already been given for the construction of the main bridge. Land acquisition and rehabilitation of displaced people will be completed soon, he said, adding that the government will appoint contractor in next July for river training.
He assured the House that there will be no shortage of money for this mega project.
On achieving 7.3 percent growth rate for FY15, Muhith said private investment will go up because a stable political situation is prevailing in the country. Besides, net exports and remittance are expected to rise because of steady recovery in global economy.
He said overall inflation will remain at a tolerable level because the prevailing stable political situation will help keep the supply-side stable. Besides, global food prices will continue to fall, he said, adding that the satisfactory domestic production and favorable Bangladesh Bank’s monetary policy will reduce the rate of inflation in the days to come.
