PV Desk : The government Thursday has proposed a Tk 4,00,266 crore budget for 2017-18, fixing the target of attaining a higher GDP growth of 7.4 percent in the financial year. Finance Minister AMA Muhith is placing the budget with Tk 1,12,275 crore deficit which is five percent of GDP.
Of the deficit, Tk. 51,924 crore will be financed from external sources (2.3 percent of GDP) and Tk. 60,352 crore from domestic sources (2.7 percent of GDP).
Of the domestic sources, Tk. 28,203 crore (1.3 percent of GDP) is expected to come from banking system and Tk. 32,149 crore (1.4 percent of GDP) from savings certificates and other non banking sources.
The finance minister placed the 46th national budget in parliament, expressing his hopes to be able to steer the economy out of the present pressures and problems.
Muhith started giving his budget speech titled “Bangladesh is in development path: This is our time” at 1:40pm.
The revenue target of the budget has been fixed at Tk. 2,87,991 crore which is 13 percent of GDP. Out of this, Tk. 2,48,190 crore will accrue from NBR sources. In FY 2017-18, target of Non-NBR tax revenue collection has been fixed at Tk. 8,662 crore. The target of non-tax revenue collection has been set at Tk.31,179 crore. The revenue target is expected to be achieved due to government recent initiatives for revising fees/rates in consistence with market rates and improved monitoring system.