Tk 761,785 crore budget unveiled

 Finance Minister AHM Mustafa Kamal unveiled a proposed budget of Tk 761,785 crore for the 2023–24 fiscal year in the national parliament today.

This is Kamal's fifth budget and the 52nd budget of the Bangladesh government.

The proposed budget will be 15.2 per cent of the Gross Domestic Product (GDP), according to the budget speech of the finance minister.

Of the total proposed budget, Tk 475,281 crore is allocated for operating expenditures, and the rest, Tk 277,582 crore, for development purposes.

The total revenue earnings for the 2023-24 fiscal year have been estimated at Tk 500,000 crore.

Of this, NBR will collect Tk 430,000 crore, and the rest will be collected from other sources.

The proposed budget's overall deficit, including grants, will be Tk 257,885 crore, which is 5.2 per cent of the GDP.

The proposed budget for the 2023-24 fiscal year (FY) placed at parliament shows that the development budget for the Election Commission decreased by Tk 467 crore, from the budget for the outgoing FY 2022-23.

But the operating budget for the constitutional body increased by Tk 1,357 crore in the proposed FY 2023-24 budget.

Overall budget of the EC stood at Tk 2,406 crore in the upcoming financial years from Tk 1,538 crore in the outgoing fiscal.

The 12th national polls is likely to be held in late December this year or early January next year.

The budget for the 11th national polls in December 2018 was Tk 700 crore.

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EC sources said the commission has asked the government for Tk 3,954 crore to meet the expenses of the upcoming parliamentary and local government elections in meeting with officials of finance ministry in February this year.