Finance
Budget FY 2024 Budget worth 7 lakh 61 thousand 785 crores passed
Dhaka, June 26: Keeping in view the current government's ongoing development and the goal of achieving higher growth, the National Parliament has passed a budget of Tk 7 lakh 61 thousand 785 crore for the financial year 2023-24. On Monday, June 26, Finance Minister AHM Mustafa Kamal proposed the budget for the current financial year and it was passed by voice vote.
He proposed this budget in the National Parliament on June 1 with the theme of 'Smart Bangladesh's progress after a decade and a half of development journey'.
In the process of passing the budget, the ministers raised a total of 59 approval demands in the parliament by highlighting the rationale of the expenditure of the respective ministries. These concession demands are approved by a voice vote in Parliament. With the justification of these concession demands, 10 members of parliament together with the opposition parties and independents made a total of 502 layoff proposals. Among them, the members of the opposition party discussed the proposal of retrenchment brought by the Ministry of Commerce and the Ministry of Health and Family Welfare. The retrenchment proposals were later rejected by voice vote.
Fakhrul Imam of Jatiya Party, Kazi Firoz Rashid, Rustom Ali Faraji, Roshan Ara Mannan, Shamim Haider Patwari, Pir Fazlur Rahman, Mokkabir Khan of Gano Forum and independent member Rezaul Karim Bablu discussed the retrenchment proposal.
The parliamentarians then approved the budget for the fiscal year 2023-24 by passing the Appropriation Bill-2023. Prior to this, on June 25, Parliament passed the Finance Bill 2023 and approved the regulations related to the budget's financial and tax proposals.
Meanwhile, in the budget of the financial year 2023-24, the expenditure in other sectors including management has been estimated at Tk 4 lakh 75 thousand 281 crores. Tk 2 lakh 77 thousand 582 crores have been allocated for the annual development program. The GDP rate for the new fiscal year is set at 7.5 percent. The total GDP amount is estimated at Tk 50 lakh 6 thousand 782 crores.
The deficit in this year's budget has been estimated at Tk 2 lakh 61 thousand 785 crores, which is 5.2 percent of the total GDP. The finance minister has proposed to collect Tk 1 lakh 2 thousand 490 crore from foreign sources and Tk 1 lakh 55 thousand 395 crore from domestic sources to meet the deficit.
