2024-25 Budget
JS passes Tk7,97,000cr budget for FY25
The Jatiya Sangsad (JS) today (June 30) passed the Tk 7,97,000 crore national budget for FY 2024-25 setting the goal of economic growth at 6.75 percent and keeping annual inflation at around 6.50 per cent.
Deep concern surrounds foreign investment climate
The Foreign Investors Chamber of Commerce and Industries (FICCI), an organisation of foreign investors operating in Bangladesh, expressed concern about the future of foreign investment in the country during a post-budget press conference. They emphasised that investment, whether local or foreign, is a long-term activity, and thus, policy consistency is crucial to attract and retain investment. Frequent policy changes can spook both local and foreign investors. In particular, foreign investors seek policy continuity for the safety of their capital, as withdrawing investment from a country or region is not a simple process.
ISPR requests not to get misled by rumours over security of St. Martin’s
Inter Services Public Relation Directorate (ISPR) has urged all not to be misguided by rumours spreading through social media over the security of St. Martin’s island centering Myanmar's ongoing internal conflict near the island.
Government allocation for education should be increased
Education is considered as a cornerstone for the development of civilization and the enhancement of human resources. Therefore, in order to establish a consensus-based education system in advanced countries, their governments are compelled to increase expenditure in this sector. In our country, the government is also striving to bring about qualitative changes, including increasing expenditure in this sector, with the aim of ensuring a consensus-based education system. However, due to various problems and crises, including insufficient allocation in the government budget for education, the desired goals in the country's education system have not yet been achieved.
Opportunity to convert black money into white money, for whose benefit?
Finance Minister Abul Hasan Mahmud Ali has presented a budget proposal for the upcoming fiscal year (2024-2025) with a total size of 7 lakh 97 thousand crore taka. Of this, revenue is 5 lakh 41 thousand crore taka, and the expenditure is 2 lakh 56 thousand crore taka. This means there will be a deficit of 2 lakh 56 thousand crore taka in the budget. To cover the budget deficit, loans totaling 2 lakh 51 thousand 6oo crore Taka will be obtained from various domestic and foreign sources. Of this, 90 thousand 700 crore Taka will come from foreign loans. Additionally, it is expected that 4 thousand 400 crore Taka will be received as grants to help cover the budget deficit. Due to the failure to collect the desired level of revenue from domestic sources, Bangladesh is increasingly becoming dependent on foreign loans. Currently, Bangladesh's tax-to-GDP ratio is 7.6%, which is the lowest among South Asian countries.
Austerity Budget 2024-25
With a commitment to building a happy, prosperous, advanced, and Smart Bangladesh, Finance Minister Abul Hasan Mahmood Ali has presented the new budget for the fiscal year 2024-25 in the parliament. This is his first budget, the 25th budget of the Awami League government, and the 54th budget of Bangladesh. It is also the 21st budget under Prime Minister Sheikh Hasina. The size of the budget has increased rapidly during this government's tenure. In the fiscal year 2009-10, the total budget was BDT 1,10,523 crore. After 15 years, in the fiscal year 2024-25, it has increased by 621.12% to BDT 7,97,000 crore. The proposed new budget is 4.62% higher than the original budget of the current fiscal year and 11.56% higher than the revised budget. The size of this budget is 14.20% of GDP. The original budget size for the current fiscal year was BDT 7,61,785 crore, which was 15.21% of GDP. The size of the first budget after independence was BDT 786 crore. The proposed new budget is 1,014 times higher than that budget.
This budget is to prevent high profile looters: Quader
Quader said, "Saifur Rahman and Begum Khaleda Zia also made black money white. Are they also criminals? Looters were not prosecuted during BNP's tenure.
Land development tax collection period set from July 1 to June 30
Land Minister Narayon Chandra Chanda announced that the land development tax collection period will be set from July 1 to June 30, matching the fiscal year.
PROGGA’s Analysis on Proposed Tobacco Tax and Price Measures
The proposed national budget for FY 2024-25, if adopted, will once again make tobacco products cheaper and more affordable. It will encourage the youth to use tobacco products, increase tobacco-related deaths and illness, and therefore spike the public health expenditure of the government. The proposed budget will cause the government to lose the chances of earning BDT 10,000 crore in additional revenues.
This budget people-oriented amid economic crisis: Quader
Awami League General Secretary Obaidul Quader has termed the proposed budget for the financial year 2024-25 as a people-oriented and realistic budget during the ongoing economic crisis.
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