Saturday, June 13, 2020

Ambitious $60.33 Billion Budget with Unrealistic Aspirations for High GDP Growth : Bangladesh Budget 2020-2021

In the time of global corona virous pandemic, the government's ambitious aspirations for high GDP (gross domestic product) growth rate is a illusion . The finance Minstar delivered a budget that -- to anyone who doesn't read the news closely .The unrealistic targets are huge gaps in GDP growth and revenue targets.

the government on Thursday (June 11) proposed a budget of Tk 5 lakh 6 thousand crore for the fiscal year 2020-21 in the parliament . Which is 17.9 percent of GDP.

In the proposed budget, the expenditure including management and other expenditure is estimated to be Tk 3,62,855 crore. 2 lakh 5 thousand crore has been allocated in the annual development program.

Revenue income has been proposed at 3 lakh 82 thousand 16 crore. Of this, NBR is being given a revenue collection target of Tk 3 lakh 30 thousand crore. The revenue target from non-NBR tax has been set at Tk 15,000 crore. Besides, the revenue target excluding taxes has been set at Tk 33,000 crore. The total deficit in the proposed budget stands at Tk 1.90 lakh crore. Which is 6 percent of GDP. The Budget deficit was 5 percent in the last budget.