UNB, Dhaka :
Finance Minister AMA Muhith is going to place a budget of likely Tk 2,50,506 crore or fiscal year 2014-15 in parliament on Thursday.
The budget, the first of the current AL government in its second successive term after the January 5 election while the 8th by the veteran Finance Minister, is aimed at fulfilling hopes and aspirations the people of the country.
Muhith will unveil the Tk 2.50 lakh crore budget at 3:00 PM in parliament through a digital method or a power-point presentation.
The budget for 2014-15 fiscal expects a GDP growth of 7.3 percent, which is higher than the revised
estimate of 6.5 percent for the outgoing fiscal year. However, the Bangladesh Bureau of Statistics (BBS) cited the current fiscal’s GDP growth at 6.12 percent.
The original outlay of the current or outgoing fiscal year’s budget was Tk 2,22,491 crore, which was later trimmed down to Tk 2,16,222 crore due to various reasons, including comparatively lesser implementation rate of ADP coupled with political unrest.
The budget for the new fiscal year is likely to be around Tk 34,284 crore or about 16 percent higher than the revised budget of current fiscal, said sources at the Finance Ministry.
The new budget for FY 15 is likely to set an overall revenue earning target of Tk 1,82,954 crore keeping an overall budget deficit of around Tk 67,552 crore of which Tk 18,069 crore will come from the foreign sources while Tk 43,277 crore from local sources, including bank borrowings. The estimation of the overall budget deficit has been made keeping the budget deficit at 5 percent of the GDP.
To meet the deficit financing, an amount of Tk 43,277 crore will come from the domestic sources of which Tk 31,221 crore will come from the banking system. The rest of Tk 12,056 crore will come from the non-banking system, including Tk 9,056 crore, from the national savings certificates.
Of the overall revenue earning target, the share of the National Board of Revenue (NBR) revenue will be around Tk 1,49,720 crore, non-NBR revenue Tk 5,572 crore, non-tax revenue (various tolls and services fee) TK 27,662 crore and foreign grants Tk 6,206 crore.
The overall revenue earning target for the current fiscal year was earlier set at Tk 1,67,459 crore which was later revised at Tk 1,56,671 crore due to political turmoil and violence across the country over the 10th general election that affected the trade and commerce activities and thus the revenue collection.
The proposed revenue earning target for the next fiscal year is about Tk 15,495 crore higher than the original outlay and Tk 26,283 crore higher than the revised revenue earning target of current fiscal.
Meanwhile, the size of the non-development budget is expected to rise 9 percent from the current year’s revised budget to Tk 170,191 crore whereas the development budget is Tk 80,315 crore except the self-financed projects of various government institutions.
A Finance Ministry official said the budget will particularly focus on the resource-intensive big infrastructure projects like Padma Bridge, Rooppur nuclear power plant and the Dhaka-Chittagong expressway, all the while keeping the deficit within 5 percent of GDP.
Finance Minister AMA Muhith is going to place a budget of likely Tk 2,50,506 crore or fiscal year 2014-15 in parliament on Thursday.
The budget, the first of the current AL government in its second successive term after the January 5 election while the 8th by the veteran Finance Minister, is aimed at fulfilling hopes and aspirations the people of the country.
Muhith will unveil the Tk 2.50 lakh crore budget at 3:00 PM in parliament through a digital method or a power-point presentation.
The budget for 2014-15 fiscal expects a GDP growth of 7.3 percent, which is higher than the revised
estimate of 6.5 percent for the outgoing fiscal year. However, the Bangladesh Bureau of Statistics (BBS) cited the current fiscal’s GDP growth at 6.12 percent.
The original outlay of the current or outgoing fiscal year’s budget was Tk 2,22,491 crore, which was later trimmed down to Tk 2,16,222 crore due to various reasons, including comparatively lesser implementation rate of ADP coupled with political unrest.
The budget for the new fiscal year is likely to be around Tk 34,284 crore or about 16 percent higher than the revised budget of current fiscal, said sources at the Finance Ministry.
The new budget for FY 15 is likely to set an overall revenue earning target of Tk 1,82,954 crore keeping an overall budget deficit of around Tk 67,552 crore of which Tk 18,069 crore will come from the foreign sources while Tk 43,277 crore from local sources, including bank borrowings. The estimation of the overall budget deficit has been made keeping the budget deficit at 5 percent of the GDP.
To meet the deficit financing, an amount of Tk 43,277 crore will come from the domestic sources of which Tk 31,221 crore will come from the banking system. The rest of Tk 12,056 crore will come from the non-banking system, including Tk 9,056 crore, from the national savings certificates.
Of the overall revenue earning target, the share of the National Board of Revenue (NBR) revenue will be around Tk 1,49,720 crore, non-NBR revenue Tk 5,572 crore, non-tax revenue (various tolls and services fee) TK 27,662 crore and foreign grants Tk 6,206 crore.
The overall revenue earning target for the current fiscal year was earlier set at Tk 1,67,459 crore which was later revised at Tk 1,56,671 crore due to political turmoil and violence across the country over the 10th general election that affected the trade and commerce activities and thus the revenue collection.
The proposed revenue earning target for the next fiscal year is about Tk 15,495 crore higher than the original outlay and Tk 26,283 crore higher than the revised revenue earning target of current fiscal.
Meanwhile, the size of the non-development budget is expected to rise 9 percent from the current year’s revised budget to Tk 170,191 crore whereas the development budget is Tk 80,315 crore except the self-financed projects of various government institutions.
A Finance Ministry official said the budget will particularly focus on the resource-intensive big infrastructure projects like Padma Bridge, Rooppur nuclear power plant and the Dhaka-Chittagong expressway, all the while keeping the deficit within 5 percent of GDP.
