National, Front Page

Locally produced mobile phone price to go up

Published : 01 Jun 2023 09:20 PM

In the proposed national budget for the fiscal year 2023-2024, mobile phone manufacturers have proposed to pay 2 percent VAT instead of zero percent at the local production stage and 5 percent instead of 3 percent at the additive stage respectively.

Finance Minister AHM Mustafa Kamal said this while presenting the proposed national budget for the financial year 2023-2024 in the National Parliament on Thursday. Due to increase in local production cost by mobile phone manufacturers, mobile prices will increase.

Finance Minister AHM Mustafa Kamal has digitally presented the national budget for the fiscal year 2023-2024 in the Parliament under the title of ‘Towards Smart Bangladesh after one and a half decades of development journey’. Prime Minister Sheikh Hasina was present in Parliament.

Earlier, the proposed budget was approved in the Cabinet meeting chaired by Prime Minister Sheikh Hasina at Jatiya Sangsad Bhavan. Then the President Md. Sahabuddin signed on the proposed budget.

The size of the proposed budget for the financial year 2023-24 is Tk 7,61,785 crore. The deficit in the budget has been estimated Tk 2,57,885 crores. Without grants, the deficit would be Tk 261,785 crore, which is 5.2 percent of the total GDP.

Inflation target has been fixed at 6.5 percent in the proposed budget. Gross Domestic Product (GDP) growth has been fixed at 7.5 percent.

The government is relying on local and foreign loans to meet the deficit of income and expenditure in the budget.

The total revenue target in the proposed budget has been set at Tk 4,50,000 crores. Out of this, the target of National Board of Revenue (NBR) is Tk 430000 crores. The target of non-duty and other income is Tk 200,00 crores and Tk 500,00 crore without tax. The target of collection from foreign grants has been set at Tk 3900 crores.

Tk 155395 crore will be taken from internal sources to meet the shortfall. Tk 102490 crores worth of foreign loans will be collected.

The largest local source of borrowing will be from the banking sector. The amount of which is estimated to be Tk 1,32,395 crores. Besides, the government has set a target of taking Tk 18000 crores from savings certificates and Tk 5001 crores from other sectors.

This year’s budget is the 23rd budget of the Awami League government and the 52nd budget of Bangladesh. The proposed budget will be approved on June 26. Before that, there will be a 40-hour discussion on the budget in Parliament. The new financial year will start from July 1. The new financial year will run according to the new budget allocation and plan.