FY25 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.
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.
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!
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