BD national budget 2011-2012Finance Minister AMA Muhith places the proposed budget for the 2011-2012 fiscal in the Jatiya Sangsad (JS) today (Thursday). The total outlay of the proposed budget is likely to be around at Tk 1.64 trillion, up by 24.25 per cent or Tk 320 billion from that of the original budget of the outgoing fiscal.
The new budget is expected to address a few major challenges such as the rising inflation, widening budget deficit, mobilization of more domestic resources, ever-increasing subsidy component and slowdown in domestic as well as foreign investments.
The budget for fiscal 2011-12 will be Mr. Muhith's third budget as the finance minister of the incumbent government.
Though the point-to point inflation rose to 10.67 per cent in April this year, showing no sign of abating in the near future, the financing minister, according to sources, will make the inflation projection at 7.5 per cent for the upcoming fiscal.
The size of the annual development programme (ADP) for 2011-2012 has been fixed at Tk 460 billion, up by about 16 per cent or Tk 108.70 billion from the original ADP for the current fiscal year.
The target for revenue collection is likely to be set at around at Tk 1.18 trillion for 2011-2012 fiscal. Of the total, target for NBR revenue will be Tk 918.70 billion, while the rest will be mobilized from non-tax and non-NBR sources, officials said.
The proposed budget is likely to increase fees in some areas falling under non-tax and non-NBR tax revenue heads. The fees for passport, renewal of passport, driving license, land registration etc., are likely to be raised in the proposed budget.
AB Mirza Azizul Islam, former finance Adviser to the immediate past caretaker government, talking to the FE said tackling the problem of high inflation will be the first and foremost challenge for the finance minister. The second, he said, will be allocation of adequate resources for the safety-net programmes, meant for the poor and underprivileged segment of the society. And the third, according to him, will be the reversing the declining trend in both local and foreign investments with a view to generating more employment opportunities.