• Saturday, October 25, 2014

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Budget

Costly electricity weighs on budget

The power sector has achieved remarkable success in generation and supply, but the high production cost, a major concern, is piling pressure on the national budget, according to a government review report. The power sector will be part of a discussion today as the planning ministry presents the mid-term review of the Sixth Five-Year Plan (SFYP) designed for the country's economic development. “Much of the additional private electricity supply has come from rental plants that supply electricity to the national grid...

Dhaka South City Corporation Budget

No new hope for residents

No new hope for residents

The Dhaka South City Corporation (DSCC) yesterday announced its budget for 2014-2015 fiscal without proposing any major improvement in services and infrastructural development, while allocations shrank in some key areas, particularly in waste management. In the Tk 1,565.75 crore budget, there was also a little increase in the allocation for maintenance and development of...

India unveils 'budget for growth'

India unveils 'budget for growth'

India's new government is promising to bring back higher growth, with a budget including more scope for foreign investment, spending on infrastructure and a goods and services tax (GST). The finance minister also indicated there were plans to limit expensive but popular subsidies on food and fuel. India's economy has slowed in recent years, growing...

2014-15 budget passed

2014-15 budget passed

The Jatiya Sangsad today passed the Tk 250,506 crore national budget for the 2014-15 fiscal year keeping the scope for whitening black money. The budget is the first fiscal plan of the Awami League- led grand alliance government that assumed in power through January 5 one-sided elections. The budget was proposed at the parliament by...

Not a large budget: WB

Not a large budget: WB

The budget for fiscal 2014-15 is not large if the country's vast development needs are taken into account, the World Bank said yesterday. Zahid Hussain, lead economist of the multilateral lender's Dhaka office, said Tk 250,506 crore-budget is consistent with countries that are in similar stages of development. “There are also the vast development needs,”...

Unexamined expenditure of Tk. 8,000 crore

SECTION 233 (4) of the Rules of Procedure of the Jatiya Sangsad provides the Public Accounts Committee of the House with sweeping authority over the supplementary budget. This section categorically says if any money has been spent on any service during a financial year in excess of the amount granted by the House for that purpose, the committee shall examine with reference to the facts of each case the circumstances leading to such an excess and make such recommendation...

Editorial

It's forward looking and investment-friendly

THE budget relies heavily on revenue generation. A wide variety of goods will now be taxed ranging from bottled water to a new range of taxation on mobile phones, jewellery to sales tax on real estate. Though revenue is bound to increase, so will the retail prices of all products that have been brought under the purview of tax net. The budget however has been welcomed by business leaders as 'investment friendly'. Taxes and duties waived on fire safety...

Broken window, weeping growth and Budget 2014-15

Broken window, weeping growth and Budget 2014-15

BANGLADESH Bureau of Statistics (BBS), the 'sole authority' of calculating and reporting national income accounts, recently came up with provisional GDP growth of 6.12% amid much pessimistic projections by external players including the World Bank. The explanation that BBS provided for service sector growth was that services GDP grew partly because of higher...

Cheers for local manufacturers

The budget has brought good news to local manufacturers of medicines, steel and fabrics as the government cut duties on raw materials imports. Finance Minister AMA Muhith has proposed to reduce customs duties on 40 basic raw materials—used in the manufacture of medicines—to a 5 percent concessionary rate from the existing 10-25 percent. “The move will boost growth of the pharma sector,” said Salman F Rahman, president of Bangladesh Association of Pharmaceutical Industries. The move will make substantial cuts in prices of...

Proposed budget too dreamy: Ershad

Proposed budget too dreamy: Ershad

Terming the proposed budget for 2014-15 fiscal as “too dreamy”, Jatiya Party Chairman HM Ershad today expressed his doubt over its implementation. "The proposed budget is not highly-ambitious. Rather, it is too dreamy. There is no specific proposal and direction (in the budget) on how to implement it," Ershad said. He was giving formal reaction...

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