The interim government is planning to revise the national budget for the current fiscal year urgently and cut “wasteful expenditures” in order to alleviate the pressure on the foreign currency reserves and tame persistent inflation.
Lack of proper government actions is costing citizens dearly
It will not reduce capital flight, only encourage malfeasance
The parliament today passed the Tk 7,97,000 crore national budget for the 2024-25 fiscal year with the aim of achieving 6.75 percent GDP growth rate and keeping annual inflation at around six percent
The government has moved away from its decision to raise the highest income tax rate to 30 percent and end tax holidays for investors in economic zones and hi-tech parks.
It is important to recognise that trade has been the handmaiden of Bangladesh’s development.
The share of the total allocation for spending directly on poverty reduction has come down for the upcoming fiscal year despite persistently higher inflation, deepening the uncertainties of the poor.
Despite widespread condemnation from economists, watchdogs, businesspeople and even multiple lawmakers, the government is expected to retain the amnesty allowing individuals and businesses to whiten black money without scrutiny by paying a 15 percent tax in the upcoming fiscal year.
The proposed budget for fiscal year 2024-25 offered no relief to startups and neglected their long-standing demands, in sharp contrast with the government’s vision for a Smart Bangladesh, where startups are key economic drivers.
Implementation of the new budget will be highly challenging in the current context of the Bangladesh economy, Metropolitan Chamber of Commerce and Industry (MCCI) said in a post-budget reaction yesterday.
Economists say allocation for the agriculture sector in the new budget is inadequate, and it will not only hurt farmers but may also affect food production.
Prime Minister Sheikh Hasina today supported the budgetary provision for legalising black money saying that it should be brought to the legal network first
Budget day is turning into our very own Groundhog Day.
The FY 2024-25 budget falls short of assessing the depth of the economically challenging time.
Bangladesh’s per capita income will be $3,000 at the end of FY25 as the government expects economic growth to recover. Per capita GDP is projected at $2,780 at the end of FY24. It has been growing steadily over the last two decades. It was $700 in 2000 and about $300 in 1990.
BNP Secretary General Mirza Fakhrul Islam Alamgir yesterday termed the proposed national budget “anti-Bangladesh”, saying it contains new schemes to facilitate the embezzlement of public money by the ruling party-backed looters.
The budget for the upcoming fiscal year, presented in the context of inordinately complex economic circumstances, reflects both the government’s restraint and limitations.
Finance ministers don’t possess crystal balls to captivate the audience with mystical allure. They don’t have magical foresight. They are real-world agents of economic policy. In times of crisis, which often repeats itself in modern capitalism, they chart a path out of the dark abyss. Sometimes they prove to be successful, sometimes not.
Government officials recruited after July 1 next year will be incorporated in the universal pension scheme, instead of the conventional post-retirement pension benefits.