NEXT BUDGET PREPARATION
Govt eyes 7.5pc GDP growthShakhawat Hossain
The government is preparing the next annual budget targeting 7.5 per cent growth in the gross domestic product in the fiscal year 2014-15.
Finance ministry officials involved with the budget preparation said inflation was likely to be set at 7 per cent for the upcoming fiscal year because of stable outlook for commodity products including fuel oils and cereal crops in the global market.
Finance minister AMA Muhith said that the size of the new budget would be around Tk 2,50,000 crore which is Tk 2,22,491 crore in the current fiscal year.
On Friday, Muhith told at a programme in Sylhet that the size of the national budget for the next fiscal year was likely to be Tk 2,50,000 crore. He said the pre-budget discussion for the 2014-15 fiscal year would begin soon.
The government had projected 7.2 per cent growth in the current fiscal year. But it has decided to revise the growth rate at 6.5 per cent. It has also decided to cut the non-development expenditure in this fiscal year by less than half per cent and the
development expenditure by 16.5 per cent.
The big cut in Annual Development Programme has been attributed to the growing revenue shortfall which is likely to hit more than Tk 13,000 crore at the end of this fiscal year.
The World Bank and the International Monetary Fund have already lowered the country’s GDP growth rate below 6 per cent due to a disruption in the economic activities amid a prolonged agitation launched by major opposition political parties over the January 5 general elections.
Last week Muhith said the country’s economy had not been hit too hard amid unprecedented political violence in the last six months.
He said export performance during the first half of the current financial year reached $14.68 billion with a 16.56-per cent growth despite the political unrest.
Former caretaker government adviser Mirza Azizul Islam said falling revenue was not the only negative indicator of the economy. Falling investment was the other key concern, he said.
Finance ministry officials hinted that there would be an announcement of incentives to attract foreign investment, flow of which has dried up significantly.
comments powered by Disqus
Bangladesh Bank governor Atiur Rahman on Saturday suggested authorities concerned to ease the rules and regulations so the microcredit activities can get a further boost. Some 732 microfinance institutions with over 19,000 branches... Full story
The government is preparing the next annual budget targeting 7.5 per cent growth in the gross domestic product in the fiscal year 2014-15. Finance ministry officials involved with the budget preparation said inflation was likely to be set... Full story
Export earnings from the country’s accessories and packaging manufacturing sector decreased by 30 per cent in November-December and the sector incurred a loss of $205.00 million in the period due to political turmoil, manufacturers said. Full story
Cancellations of the import-related letters of credit increased by 16.90 per cent in the first half of the current fiscal year because of disagreement between importers and exporters and dull business situation in the country amid... Full story
The Chittagong Stock Exchange on Saturday elected four shareholder-directors, among nine candidates, to form its first demutualised board. The four winning directors are Mirza Salman Ispahani of ISPI Securities with 92 votes, Mohammad Khairul... Full story
The World Bank is probing claims of poor wages and conditions for workers at Indian tea plantations that it finances with tea giant Tata Global Beverages, those involved said Friday. Full story
Two days after its huge global recall of Prius hybrids, Toyota recalled another 2,60,000 cars and pickup trucks in the United States Friday for electrical problems involving the brakes. Full story
Indian finance minister P Chidambaram will be walking a tightrope when he presents an interim budget for the coming fiscal year tomorrow, doling out more funds to woo voters and tax cuts to support industry while projecting... Full story
Mohammad Abu Naser, chief executive officer of alohaishoppe, one of the three authorised reseller of Apple Inc in Bangladesh, in a recent interview with New Age, has said need-based use of technology will make the computer and accessorises market... Full story
Dhaka stocks declined last week after a six-week gain with a decreased turnover due to profit-taking sell-offs mostly by the institutional investors. The key index of Dhaka Stock Exchange, DSEX, finished at 4,759.33 points on Thursday, shedding... Full story
The United Auto Workers union suffered a major defeat Friday when workers at German auto giant Volkswagen’s Tennessee plant rejected its organising efforts. The closely-watched vote came as the US labour movement is fighting for its survival after decades... Full story
Rajendra Pangrekar has recently joined Ericsson Bangladesh Limited as the company’s new managing director. While taking over the charge from the previous managing director Gary Dewing, Rajendra expressed his strong commitment towards communications... Full story
The Hongkong and Shanghai Banking Corporation has recently appointed Sabbir Ahmed as the head of Retail Banking and Wealth Management in Bangladesh. Sabbir’s new role in HSBC will be effective from today (February 16), said a news... Full story
US stocks surged higher last week as investors were reassured by the Federal Reserve, cheered by a congressional move to raise the debt ceiling and undeterred by disappointing economic data. Full story
Summit Power Limited, sponsored by Summit Group, is the first Bangladeshi independent power producer in Bangladesh in private sector providing power to national grid. SPL was incorporated in Bangladesh on... Full story