On June 1, 2023, the Bangladesh Government unveiled a budget of Tk 7.61 trillion for the fiscal year 2023-24. The budget was presented by Finance Minister AHM Mustafa Kamal. This is the record high budget for Bangladesh.
The budget 2023-24 has been designed to achieve the government's goal of transforming Bangladesh into a "Smart Bangladesh" by 2041. Budget 2023-24 is focused on achieving high economic growth, reducing poverty, and improving social welfare. The government has set a target of 8.2% GDP growth for the coming year. To achieve this, the government has increased spending on infrastructure, agriculture, and social development.
The budget also includes a number of measures to reduce poverty. These include increasing the minimum wage, providing social safety nets, and investing in education and healthcare.
The government is also committed to improving social welfare. The budget includes measures to increase access to housing, food, and clean water. It also includes measures to promote gender equality and protect the environment.
The budget has been welcomed by economists and business leaders. They believe that it will help to boost economic growth and improve the lives of the people of Bangladesh.
Some Key Points of the Budget
1. Total outlay of Tk 7.61 trillion
2. GDP growth target of 8.2%
3. Increased spending on infrastructure, agriculture, and social development
4. Measures to reduce poverty, including increasing the minimum wage, providing social safety nets, and investing in education and healthcare
5. Measures to improve social welfare, including increasing access to housing, food, and clean water
6. Measures to promote gender equality and protect the environment
Sector Wise Development Budget Allocation (At a Glance)
Sector | Percentage |
Social Security & Welfare | 3.2% |
Public Administration | 7.2% |
Health | 5.6% |
Agriculture | 5.9% |
Education & Technology | 16.8% |
Energy & Power | 12.5% |
Transport & Communication | 27.3% |
Local Govt. & Rural Development | 15.2% |
Others | 6.3% |
List of Price-Increasing Products in the Budget
Price may increase for LPG cylinder, Locally-made mobile phones, High-end cars, Software (imported), Land Purchasing, Gold, Plastic kitchenware and tableware, Cigarettes, Microwave oven, Elevators, Escalators, Tissue paper, Pens, Spectacles, Cashew nut, Dates (dry), Basmati rice etc.
List of Price-Decreasing Products in the Budget
Price may decrease for Locally-made cancer, diabetes medicines, Imported agricultural machinery, Pesticides, Spray machine, Imported fish, poultry feed, Imported airplane parts, Sweets, Handmade biscuits, locally-made juicers, Raw material for diapers, sanitary napkins, shampoo, soap etc.
The Impact of the Budget
The budget is expected to have a positive impact on the economy. It is expected to boost economic growth, create jobs, and reduce poverty. The budget is also expected to improve the lives of the people of Bangladesh by providing them with better access to education, healthcare, and other social services.
However, there are some concerns about the budget. Some economists believe that the government is spending too much money and that this could lead to inflation. Others are concerned about the government's ability to finance the budget deficit.
Overall, the budget is a positive step for Bangladesh. It is ambitious and it is focused on achieving important goals. However, there are some risks associated with the budget and it will be important to monitor its implementation closely.