Muhith plans Tk 4,20,000 crore budget for next fiscal

Finance Minister Abul Maal Abdul Muhith on Sunday said the outlay of the budget for the coming 2017-2018 fiscal could be as high as Taka 4,20,000 crore.

“We projected that the next budget outlay Taka 4 lakh crore but I want to take it Taka 4.20 lakh crore,” he told journalists after a pre-budget meeting with leading financial watchdogs at the State Guest House Padma here.

Economists and representatives of Economic Research Group (ERG), Bangladesh Institute of Development Studies (BIDS),Policy Research Institute (PRI) and Bangladesh Economic Association (BEA) took part in the discussion.

The think tanks gave a number of suggestions, including giving attention on Sustainable Development Goals (SDGs), increasing remittance inflow, increasing automation in banking sector, making financial statement in accrual basis and expanded budgetary allocation for various vital sectors like education and health.

Muhith said the government takes some initiatives in every budget and it can also be continued in the coming budget.

“Budget size is important . . . the government is announcing large budget,” he added.

The minister, however, said the GDP growth would be exceeded 7.2 percent in the 2016-17 financial year and the growth would be followed 7.5 per cent in future.

He said the government is providing all sorts of efforts to increase the foreign investment in the country and it is getting set back.

He said the new VAT and Supplementary Duty Act-2012 would be implemented from July 1 this year.

Source: BSS