Finance Minister AHM Mustafa Kamal is set to present the budget for fiscal year 2023-24 (FY24) on June 1, with a focus on building a smart Bangladesh, creating jobs, and addressing the challenges of the fourth industrial revolution (4IR). The budget, estimated at Tk 7,61,785 crore, will be guided by the theme “Unnayner Agrayatra Periye Smart Bangladesher Abhimukhe” (Towards Progress for a Smart Bangladesh).
The Finance Ministry sources reveal that the revenue collection target to meet the expenditure is estimated at Tk 4,35,000 crore. The budget speech will highlight the vision of developing a smart country, promoting business expansion for employment generation, and increased investment in state-owned enterprises to create new jobs. Additionally, it will focus on the ICT sector, power sector, and making citizens smarter.
The budget will also address revenue generation through income tax, with a possible reduction in value-added tax (VAT) to benefit businesses. Non-NBR sources of income will be boosted through increased government fees. The finance minister will announce an increase in the social security sector’s allocation and beneficiaries. The budget aims for an inflation target of 6.5% and a GDP growth rate of 7.5% for FY24.
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