The proposed budget for 2014-15 FY will ensure macroeconomic stability and maintain continuity of the existing fiscal and monetary policies, according to the finance minister.
Published : 05 Jun 2014, 11:53 PM
In his budget speech on Thursday, AMA Muhith said he hoped that extreme poverty will would be ‘completely eradicated’ from Bangladesh after 2018.
Following are the key features of the first budget of the second consecutive term of the Awami League government:
• The outlay of the new budget stands at Tk 2.5 trillion, up by 12 percent from the previous Tk 2.22 trillion.
• The GDP growth target is 7.3 percent. In the last budget, this target was 7.2 percent, but was later revised down to 6.5 percent.
• It plans to keep the average inflation within six percent. In the last budget, this target was 7 percent. By the end of April, the average inflation was 7.47 percent.
• Revenue target is set at Tk 1.82 trillion, almost 73 percent of the budgetary outlay.
• Tk 1.497 billion will be raised from direct taxes collected by the NBR and Tk 55.72 billion from indirect taxes outside the NBR. Non-tax revenue has been projected at Tk 276 billion.
• Budget deficit stands at Tk 675.52 billion, which is five percent of the GDP.
• Borrowings from the banking sector stands at Tk 312.21 billion, down from Tk 550.32 billion in the last budget.
• Tk 12. 56 billion is set to be sourced from savings certificates and non-banking sources.
• The size of the Annual Development Programme (ADP) for the coming fiscal is Tk 803.15 billion.
• The share of human resource sector, which includes education and health, in the ADP is 24.3 percent.
• The overall agriculture sector’s share is 25.8 percent; power and energy sector’s allocation will be 14.3 percent.
• The communication sector’s development budget will stand at 23.3 percent of the ADP.