Saturday 10, December 2022

Cabinet meeting is ongoing to approve draft budget

News Desk: The cabinet meeting is underway at parliament to approve the draft national budget for the fiscal year 2022-23.

Prime Minister Sheikh Hasina is presiding over the meeting that began at 12 noon Thursday.

Finance Minister AHM Mustafa Kamal is going to present the proposed budget of Tk 6,78,064 after the cabinet approval.

This is the country’s 51st budget and the 23rd of the Awami League government in five terms, and the size of the budget will be about 15 per cent of the country's gross domestic product or GDP.

The budget will see special measures of tax exemptions on agriculture, food processing and small sector development.

The revenue collection target set for NBR (National Board of Revenue) is Tk 4.33 lakh crore, an increase of 9 per cent from the revenue target of the current fiscal year and annual development programme (ADP) is set at Tk 2.46 lakh crore.

Experts emphasise on having measures to control growing inflation, stabilise foreign exchange rate and steps to ensure food security.

Tajuddin Ahmad presented the maiden budget as the first finance minister of the post-independence Bangabandhu government in 1972.

In the upcoming budget, the target of GDP growth is set at 7.5 per cent and inflation will be kept at 5.5 per cent.

In the proposed budget, the expectation of GDP is set at 7.5 per cent around Tk 44.50 lakh crore, which is Tk 16 lakh crore more than the FY22, the Finance Division sources said.

The GDP size in FY22 was Tk 28.34 lakh crore.

The government policymakers believe in FY23, three major infrastructures of the country will help in achieving the GDP growth despite projection of decline in the global economy due to the Russia-Ukraine war.

Officials concerned said that three big mega projects will be launched in FY23. The Padma Bridge will be opened on June 25. This will open new doors for business and trade, which will have a positive impact on the economy.

The ministry officials said development of power, energy, communications and transport sectors will also boost growth following completion of the mega projects.


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