Jatiya Sangsad (JS) passed the national budget for fiscal year 2014-15 (FY15) involving Tk 2 lakh 50 thousand 506 crore, expecting to uphold the current pace of development to achieve a middle income country status as enshrined in the Vision-2021 of the alliance government of Prime Minister Sheikh Hasina.
The JS also adopted the Appropriation Bill-2014, piloted by Finance Minister AMA Muhith seeking budgetary allocations of Tk 382340, 01, 21,000 for meeting its development and non- development expenditures for various ministries.
The bill was passed by voice vote. The day’s sitting was chaired by Speaker Dr Shirin Sharmin Choudhury.
The new budget is the first fiscal plan of the Awami League- led grand alliance government which came to power for the second consecutive term with an overwhelming victory in the general elections held on January 5, 2014.
On Saturday, the JS passed the Finance Bill-2014 with some changes on the tax-duty proposals. With the adoption of the Finance Bill-2014 on Saturday and the Appropriation Bill-2014 today, the process of the JS passing the national budget for FY15 is complete.
About 248 cut motions were proposed by opposition and independent lawmakers but they spoke on the cut motions for four demands for grants that were rejected by voice vote.
Ministers in charge of the concerned ministries placed their proposals for expenditures through 56 demands for grants, which were passed by voice vote.
Leader of the House and Prime Minister Sheikh Hasina, Leader of the Opposition in Parliament Begum Rowshan Ershad, Minister AMA Muhith, ministers, 265 treasury, opposition benches and independent members took part in discussion for 63 hours 6 minutes on the budget for FY15 and the supplementary budget for FY14 in 16 working days from June 8.
In the budget for the FY 2014-15, the growth target has been set at 7.3 percent, which experts believe as attainable through effective measures in implementing the ADP.
The new budget has also a target to bring down the inflation to below 7 percent.
In the budget for FY15, the revenue receipts for FY15 has been estimated at Tk 1 lakh 82 thousand 954 crore, of which Tk 1 lakh 49 thousand 720 crore will come from the NBR while Tk 5 thousand 572 crore from the Non-NBR sources. In addition, Tk 27 thousand 662 crore will be collected as Non Tax Revenue (NTR), the new budget says.
The overall budget deficit will be Tk 67 thousand 552 crore, which is 5 percent of the GDP. Of this amount, Tk 24 thousand 275 crore will be financed from external sources and Tk 43 thousand 277 crore from domestic sources.
Of the domestic financing, Tk 31 thousand 221 crore will come from the banking system and Tk 12 thousand 56 crore from the savings certificates and other non-banking sources.
The finance minister said the overall budget deficit will be Tk 67 thousand 552 crore, which is 5 percent of the GDP. Of this amount, Tk 24 thousand 275 crore will be mobilized from the external sources and Tk 43 thousand 277 crore from the domestic sources.