The proposed national budget for fiscal year 2023-24 in Bangladesh focuses on the agricultural sector as a means to alleviate persistent high inflation. The budget includes the continuation of subsidies and the introduction of tax benefits for agriculture. To support agricultural development, the budget proposes maintaining existing duty rates on inputs such as fertilizers, seeds, pesticides, and staple food items. Additionally, a 20% rebate on power bills for irrigation and a 20% cash incentive on agro-product exports are proposed. The government also offers subsidies of up to 50%-70% on the purchase of agricultural machinery to modernize the sector.
The budget suggests removing the 5% advance tax on the import of rice transplanters, agricultural driers, sprayers, and potato planters to encourage mechanization. The duty rate on processed cashew nut imports is proposed to increase from 15.23% to 43% to protect the agro-processing industry. The budget allocates Tk 43,700 crore for the agriculture sector, with Tk 25,122 crore allocated to the agriculture ministry. Efforts are being made to increase food storage capacity, enhance export opportunities, and develop the fisheries and livestock sectors. The government aims to achieve self-sufficiency in onion production, reduce edible oil imports, and increase potato exports. Self-sustainability has been achieved in meat, egg, and milk production, and efforts are underway to increase per capita milk availability and develop cattle breeding.
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