Finance Minister AMA Muhith today placed before the parliament the annual budget of Tk 250,506 crore for the fiscal 2014-15.
In the proposed budget, the target of gross domestic product (GDP) growth has been set at 7.3 percent.
The growth target was 7.2 percent in the outgoing fiscal year but according to the preliminary estimate of Bangladesh Bureau of Statistics (BBS) the growth will be 6.12 percent.
The finance minister presented the first budget of the Awami League government, formed on January 12 following the one-sided election, through a power point presentation.
Just before the start of the parliamentary session around 3:30pm, the cabinet approved the proposed budget.
The cabinet members sat in a meeting at the parliament complex at 1:10pm and gave the go-ahead to the new budget, said SM Manzoor, director of the Public Relations section of the Parliament Secretariat.
Prime Minister Sheikh Hasina presided over the meeting, Manzoor said.
The budget is around 16 percent bigger than the current fiscal year's revised budget.
The revenue collection target for the next fiscal year has been set at Tk 1 82, 954 crore, which is 13.7 percent of GDP, of which NBR tax revenue is Tk 149, 720 crore. Revenue from Non-NBR sources has been estimated at Tk 5,572 crore. In addition, Tk 27, 662 crore will be collected as Non Tax Revenue.
Tk 80,315 crore has been allocated to the Annual Development Programme (ADP), 32 percent of which for 26 big projects.
The overall budget deficit will be Tk 67,552 crore, which is 5 percent of GDP. Of the amount, Tk 24,275 crore will be financed from external sources and Tk 43,277 crore from 26 domestic sources.
Of the domestic financing, Tk 31,221 crore will come from the banking system and Tk 12,056 crore from savings certificates and other non-banking sources.