Tk 6,03,681 crore budget introduced
Published: 04:43 PM, 3 June 2021 Updated: 08:19 PM, 3 June 2021
Finance Minister AHM Mustafa Kamal; File Photo
Finance Minister AHM Mustafa Kamal has presented the budget proposal of Tk 6,03,681 crore for the fiscal year 2021-22 – which is the largest budget in Bangladesh in terms of size - in the Jatiya Sangsad (JS).
The JS session began with Speaker Dr. Shirin Sharmin Chaudhury in the chair at 3:00 pm on Thursday. After that, with the permission of the Speaker, the Finance Minister started presenting the budget proposal for the fiscal year 2021-22 and the supplementary budget for the fiscal year 2020-21.
The size of this year’s budget estimated at Tk 6,03,681 crore – which is 17.5 percent of GDP. Last year, the Finance Minister presented a budget of Tk 5.68 thousand crores for the 2020-21 fiscal year. However, after being amended, the size of this budget was reduced to Tk 5,38,983 crore.
In the proposed budget for the next fiscal year, the revenue income has been estimated at Tk 3.89 thousand crores – which is 11.3 percent of the GDP. Tk 3.30 thousand crores of these will be collected from the National Board of Revenue. Tax revenue from non-NBR sources has been estimated at Tk 16,000 crore. Besides, revenue of Tk 43,000 crore will be generated from the non-tax sector.
The deficit in the proposed budget has been estimated at Tk 2,14,681 crore – which is 6.2 percent of GDP. In the revised budget for the current fiscal year 2020-21, the deficit stands at Tk 1,87,451 crore – which is 6.1 percent of GDP.
The total allocation in the proposed budget for other sectors including management is estimated at Tk 3,78,357. Besides, Tk 2,25,324 crore has been allocated in the Annual Development Program (ADP).
As a source of deficit financing, the proposed budget calls for raising Tk 1,01,228 crore from foreign sources (including grants) and Tk 1,13,452 crore from domestic sources. Of the internal sources, Tk 76,452 crore will be collected from the banking system and Tk 37,001 crore will come from savings and other non-banking sectors.
The proposed budget aims at 7.2 percent GDP growth. Besides, the proposed budget has set an inflation target of 5.3 percent.