The parliament today passed the Tk 7,97,000 crore national budget for the 2024-25 fiscal year with the aim of achieving 6.75 percent GDP growth rate and keeping annual inflation at around six percent
Two ruling Awami League MPs and a Jatiya Party MP today in parliament criticised the government for keeping the provision of whitening the black money in the proposed budget for 2024-25 fiscal
The parliament today passed the supplementary budget of Tk 30,643.51 crore for the fiscal 2023-24 to meet the increased expenditures under different ministries and divisions for the outgoing fiscal year ending June 30
Allocation of resources to the health sector and proper utilisation of that allocation are crucial for achieving universal health coverage (UHC)
Finance Minister Abul Hassan Mahmood Ali yesterday expressed hope that the government would be able to curb high inflation on the back of budgetary measures and the central bank’s steps.
Tax exemptions provided by the National Board of Revenue (NBR) are estimated to rise to Tk 163,000 crore in fiscal 2024-25 as the tax administration looks to ease the pressure on individuals and facilitate higher economic growth.
The proposed national budget for fiscal 2024-25 lacks concrete measures for addressing the current economic concerns, such as runaway inflation and depleting foreign exchange reserves, the Centre for Policy Dialogue (CPD) said yesterday.
The government has hiked the supplementary duty on mobile top-ups alongside VAT on SIM cards, pushing up costs that will be incurred by mobile and internet users, which will inevitably put a financial strain on access to essential services.
In yet another blow to stock market investors, the government plans to impose a capital gains tax on them from next fiscal year.
The food ministry spent less in fiscal 2022-2023 compared to fiscal 2009-2010, according to data on expenditure over the last 13 years.
The new budget for the upcoming fiscal year is unlikely to provide respite from one of the longest spells of sustained inflation in Bangladesh as the government’s measures appear to be missing the impetus required to contain the price spiral.
The government has slightly reduced the allocations for transport and power and energy compared to the outgoing fiscal year.
While the cost of living remains high, with the inflation rate hovering at over 9 percent throughout the year, no ray of hope came for the common people in the budget declared yesterday. This is upsetting for the low and middle-income groups of society.
Bangladesh’s per capita income will be $3,000 at the end of FY25 as the government expects economic growth to recover. Per capita GDP is projected at $2,780 at the end of FY24. It has been growing steadily over the last two decades. It was $700 in 2000 and about $300 in 1990.
The budget for fiscal 2024-25 proposes a total expenditure of Tk 797,000 crore with a total tax revenue of Tk 541,000 crore, resulting in a deficit of Tk 256,000 crore.
The proposed national budget for FY25 has remained a widely speculated topic for the people of this country. Bangladesh has been navigating a precarious global economy over the last 24 months, and the economic aftereffects of Covid-19 and the Ukraine-Russia have not only complicated macroeconomic management but created widespread concerns across both domestic and international actors.
Finance ministers don’t possess crystal balls to captivate the audience with mystical allure. They don’t have magical foresight. They are real-world agents of economic policy. In times of crisis, which often repeats itself in modern capitalism, they chart a path out of the dark abyss. Sometimes they prove to be successful, sometimes not.
