53rd 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.
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.
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.
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.
Budget for culture has increased, yet it is disappointing
I was engaging in gossip with some writers and thinkers at Batighar bookstore in Dhaka, yesterday evening. A professor-writer, who has returned from abroad, said that for going forward in the literature-culture-intellectual arena of Bangladesh a large number of world literature ought to translate into Bengali. Not only literature, books on science, economics, research, technology all need a lot of translation. Then another writer made a funny comment, a thousand crore rupees should be allocated in the budget for translation. Another writer frowned and said, a thousand crores indeed is not a very big deal right now!
Ongoing economic woes not reflected in budget: CPD
The Center for Policy Dialogue (CPD), in its review of the proposed budget for FY2024-25, said that the necessary steps to address ongoing economic concerns are missing from the budget document.
Inflation will begin to decline by end of this year: FM
Finance Minister Abul Hassan Mahmood Ali on Friday said the country must wait for 6 months to bring inflation under control.
Additional tax burden to impede journey to Smart Bangladesh
The proposed budget for the fiscal year 2024-25 has raised a complex question among analysts regarding the allocation in the Telecommunication and Information Technology sectors. Analyzing this budget from a supportive or non-supportive perspective for these two sectors is crucial. No budget can entirely satisfy everyone, but the extent of satisfaction or dissatisfaction determines whether the budget is evaluated as supportive or non-supportive. While the announcement of extending the deadline for tax exemption in the Information Technology sector is promising, increasing taxes in the Telecommunication sector might impede the progress of Smart Bangladesh.
Allocation for judiciary, including Supreme Court, increases
In the proposed budget for the fiscal year 2024-2025, allocations have increased for the Supreme Court and the Ministry of Law and Justice. A proposal of 2022 crore taka has been allocated for the Ministry of Law and Justice, while the allocation for the Supreme Court has also increased.
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