On June 07, Finance Minister of Bangladesh, Abul Maal Abdul Muhith presented the 47th national budget for the fiscal year 2018-19. He unveils Taka 4,64,573 Crore Budget for FY 2018-19 setting 7.8% GDP growth target.
Budget-in-Brief
In the numeric figure, the proposed size of the Budget: 4 lakhs 64 Thousand and 573 Crore Taka (4,64,573 Crore Taka, around 55 billion U.S. Dollar)
Resources Coming From:
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NRB-Tax Revenue: 2 Lakhs 96 Thousand and 201 Crore Taka (2,96,201 Crore Taka) which is 63.7% of total budget funding.
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Domestic Borrowing: 15.3%
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Foreign Borrowing: 10.8%
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Non-Tax Revenue: 7.2%
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Non-NRB Tax Revenue: 2.1%
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Foreign Grants: 0.9%
Highest Allocation:
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Public Administration Sector: 18% of the total budget
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Education, Technology, and Development Sector: 14.5%
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Transportation and Communication Sector: 12.2%
Observation:
GDP Growth Target: 7.8%
Annual Development Programme (ADP): 1 Lakh and 73 Thousand Crore Taka (Total approval)
Subsidy: 33 Thousand and 205 Crore Taka
Proposed Sector of Maximum Subsidy and Incentive:
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Public Administration Sector: 19 Thousand and 601 Crore Taka
Overall Budget Deficit: 1 Lakh 25 Thousand and 293 Crore Taka (Which is 4.9% of GDP)
Price will Decrease:
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Registration fees of Agricultural Land
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Rod and Cement
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Hybrid Motor Car
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Tire-Tube Making Raw Materials
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Medicine of Cancer
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Computer Accessories
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Day Care Home Service
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Domestic Motorcycle
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Imported Poultry Feed
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Local Refrigerator Compressor
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Milk Powder
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Bread
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Imported Motor Car Up To 1800 cc.
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Registration Cost of Medium Size Flat
Price will Increase:
- Plastic Bags
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Mobile Battery and Charger
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Stabilizer
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Printing Products
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Nail Polish
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Value of the Alcohol Selling Restaurant’s Service
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Helicopter Service Cost
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Biri, Zarda, and Gul
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Social Media and Online Shopping
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UPS and IPS up to 200 Volts
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Registration Cost of Small Size Flat
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Imported Rice Price
Reduction of Corporate Tax:
Proposal to reduce the corporate tax of Banks, Insurance, and Financial Institutions by 2.5%
Reduction Proposal of 5% duty of ICT Sector.
11 times more allocation Power sector than Energy.
10 Mega Projects of This Financial Year:
1) Padma Multipurpose Bridge Project
2) Padma Railway Construction Project
3) Rooppur Nuclear Power Project
4) Rampal Coal-Fired Power Station
5) Dhaka Mass Rapid Transit Development Project
6) Construction of single line dual gauge railway track from Dohazari to Cox’s Bazar via Ramu and Ramu to Gundum near Myanmar
7) Construction of Payra Sea Port
8) Construction of Sonadia Deep Sea Port
9) Matarbari Ultra Super Critical Coal-Fired Power Project
10) Moheshkhali Floating LNG Terminal Project
Finally, it is understood that The Budget looks ambitious. Time to prove the Bangladesh Government’s capacity to generate resources and spend the same.
About The Author
Jeneva Nasrin
HR Professional and Resource Person
