NEC approves RADP for FY24, slashing Tk18,000 crore

The National Economic Council (NEC) on Tuesday approved a Tk 245,000-crore Revised Annual Development Programme (RADP) for the current fiscal year of 2023-2024 (FY24), slashing the original ADP by Tk 18,000 crore.

The approval came from a NEC meeting presided over by its chairperson and Prime Minister Sheikh Hasina at the NEC Conference Room in the city's Sher-e-Bangla Nagar area.

The RADP, which prioritized road transport, communication, energy and power and some other sectors, is 6.84 percent lower than the original ADP size of Tk 263,000 crore for the current fiscal.

Out of the total revised RADP of Tk 2,45,000 crore, Tk 1,61,500 crore will come from the local sources, while Tk 83,500 crore from the foreign sources, said Planning Division Senior Secretary Satyajit Karmakar at a press briefing.

He said the total number of projects in the RADP for the current fiscal year has been fixed at 1588. The projects include 1345 investment projects, 36 feasibility studies, 115 technical assistance projects, and 92 self-financed projects.

Planning Minister Major General (retd) Abdus Salam said the Prime Minister asked the authorities concerned to arrange necessary allocations for the ongoing projects whose implementation will take small funds and quick time, but invite a good return.

He said a number of specific proposals were placed in the meeting in line with the directives the Prime Minister earlier issued regarding project formulation, approval and implementation.

The PM emphasized on conducting feasibility study to avert the usual tendency of delay in project formulation and implementation stages, he said.

The Planning Minister said emphasis was also given in the meeting on prioritizing allocations and investments in the sectors like agriculture, health, education, power and energy, science and technology, social protection, climate change in line with the 8th Five Year Plan.

"Stability is a prerequisite for development and it is now prevailing," he said, adding that the implementation of projects is now going on smoothly.

Replying to a question about downsize of ADP, Salam said that revision of the ADP is a continuous process and it would continue.

State Minister for Planning Shahiduzzaman Sarker said this year the RADP has been finalized considering the current and practical situation with some minor changes.

The Planning Secretary informed that the PM asked the ministries and divisions concerned to complete some 330 projects, which are nearing completion, to complete those within the current fiscal year.

According to the RADP for FY24, the transport and communication sector got the highest allocation of Tk 63,263.31 (25.82%) followed by power and energy sector Tk 37,896.73 crore (15.47%), housing and community facilities Tk 28,002.15 crore (11.43%), Local Government and Rural Development Tk 19,969.71 crore (8.15%), education Tk 17,229.91 crore (7.03%), environment, climate change and water resources Tk 14,391 crore (5.87%), health Tk 12,066.76 crore (4.93%), agriculture Tk 10,317.76 crore (4.21%), industry and Economic services Tk 4,630.43 crore (1.89%) and science and ICT Tk 3,637.12 crore (1.48%).

Out of the highest allocation recipient ministries and divisions, Local Government Division topped the list with Tk 42,700.76 crore (17.43%) followed by Road Transport and Highways Division Tk 27,803.45 crore (11.35%), Power Division Tk 27,127.45 crore (11.07%), Ministry of Railways Tk 13,117.62 crore (5.35%), Ministry of Water Resources Tk 12,192.75 crore (4.98%), Ministry of Science and Technology Tk 11,415.51 crore (4.66%) and Health Services Division Tk 9,345.49 crore (3.81%).