Nat’l budget for FY 2023-24

Proposed budget will help the country turn around from crisis

Published : 02 Jun 2023 08:07 PM

We express our sincere gratitude to the Prime Minister Sheikh Hasina-led Awami League government for giving the time-befitting national budget for fiscal year 2023-24 at a tough time. Finance Minister AHM Mustafa Kamal on Thursday placed a Taka 7,61,785 crore budget in Jatiya Sangsad for the next fiscal year with a deficit of  Tk 2,61,785 crore focusing on making a Smart Bangladesh.

It is the country’s largest ever proposed national budget eyeing a 7.5 percent GDP growth rate with an expectation of keeping annual inflation at around 6.0 percent. The projected Annual Development Programme of Taka 2, 63, 000 crore is targeted to continue facilitating quick recovery of the economy despite different external challenges.

We also appreciate increase in allocation in power and energy sector. However, allocation for the health, agriculture, and educational sectors does not seem to be adequate. 

The government should concentrate on enhancing the quality of spending, which could bring further efficiency as well as generate employment.

We believe 

the proposed budget will help the 

country turn around from crisis 

amid global economic situation

Taking loan from banking sources may further tighten the liquidity situation. Therefore, the central bank should take effective measures to ensure good governance in the banking sector, averting the pressure of any influential group. There are some major challenges to controlling inflation, increasing revenue collection and reducing expenditures, reforming the financial sectors, the balance of payment, and making a balance in foreign exchange supply.

Higher inflation for a long time creates instability in the domestic markets and lower-income people are affected severely. So, the government will have to take measures to cut inflation and attain a revenue collection target of Taka 5 lakh crore in the next fiscal year. The economy of Bangladesh is gradually and surely becoming a global phenomenon with the whole-hearted endeavor of all. And the budget has been crafted around the hopes and aspirations of the people of all strata. The government prioritised poverty alleviation, contemporary economic challenges and future development initiatives. Therefore, we can say the proposed budget will be a pro-people, development-oriented and people-friendly one. This budget is a realistic and time-befitting one as priorities have been given on lives and livelihoods in the time of crisis. Amid all odds we believe this proposed budget will help the country turn around and build it a “Smart Bangladesh”.