Finance Minister Abul Hassan Mahmood Ali started reading out the national budget for FY2024-25 in the parliament on Thursday afternoon amid the growing challenges of containing inflation, maintaining sound foreign currency reserves, a stable exchange rate, and generating more revenues.
With the theme “Pledge towards building a happy, prosperous, developed and smart Bangladesh,” Ali commenced placing his maiden budget speech featuring a power-point presentation just after 3pm in presence of the leader of the House and Prime Minister Sheikh Hasina.
The budget session resumed today with Speaker Shirin Sharmin Chaudhury in the chair.
This is the country’s 53rd budget and the 25th of the Awami League government in six terms.
In the proposed budget, the government aimed to achieve a 6.75% gross domestic product (GDP) growth and keep the average inflation rate at 6.50%
Apart from the already approved Annual Development Programme (ADP) outlay of Tk2,65,000 crore, the proposed budget will see an estimated deficit of Tk2,56,000 crore excluding grants. If the grants are considered, then the overall budget deficit will stand at Tk2,51,600 crore.
According to the proposed budget, the overall revenue generation target for the new fiscal year, beginning on 1 July, will be Tk5,41,000 crore. Of this, the National Board of Revenue (NBR) will be tasked with raising Tk4,80,000 crore, including Tk1,77,600 crore from income tax, Tk1,77,600 crore from VAT, and Tk1,24,000 crore from import duty.
