FY 2021-22 proposed budget placed in JS with a roadmap to Covid-19 recovery, healthcare revamp

Sun Online Desk

3rd June, 2021 03:19:33 PM printer

FY 2021-22 proposed budget placed in JS with a roadmap to Covid-19 recovery, healthcare revamp

Finance Minister AHM Mustafa Kamal has placed the national budget of Tk 6,03,681 crore for the 2021-22 financial year, largest in the country's history.

The budget is aimed at strengthening the growth of the pandemic-hit economy. Theme of the budget is 'Priority on lives and livelihoods, tomorrow's Bangladesh'.

The proposed budget is Tk 35,681 crore higher than the original budget size of the FY2020-21 fiscal year, which was Tk 5,68,000 crore.

The budget is designed with special priority to health, agriculture, social safety nets, employments, food and disaster management and food security apart from addressing the Covid-19 related issues.

 “The global economy has been put at severe risks due to the prolonged effects of the COVID-19 pandemic and its second wave in different countries around the world. The budget for FY2021-2022 has been prepared keeping in consideration the strategies taken to facilitate the recovery in various sectors of the Bangladesh from shocks of the COVID- 19 pandemic, especially to meet the challenges arising in the health sector and the issue of the application of vaccine. Allocation has been made in the proposed budget to meet the targets of each ministry and divisions to address the adverse effect of the COVID-19 pandemic,” said finance minister in his budget speech.

To achieve success in this endeavour we will continue with the programs in the next FY2021-2022 to deploy necessary manpower, provide equipment and logistics and enhance skills, he said.

He said the largest portion of government revenue is collected through the National Board of Revenue (NBR). Therefore, necessary steps will be taken to build institutional capacity of the NBR, and priority will be given to the tasks of business process automation in the next fiscal year.

“Although a large section of our population can afford to pay taxes, the number of taxpayers is currently 25.43 lakh. Hence, emphasis will be given in the next budget to bring them under the tax net by taking necessary steps to prevent tax evasion. Moreover, our Tax-GDP ratio is low compared to that in other similar economies. Measures will, therefore, be taken to increase the Tax- GDP ratio at a reasonable level.”

The instant is the country’s 50th budget and 13th consecutive budget of the Awami League government at the Parliament with a focus on health, agriculture, social safety nets and job creation.

Apart from addressing the Covid-related issues, the budget also has a big focus on disaster management and food security.

Earlier, President Abdul Hamid authenticated the national budget and the revised budget for placing before the Jatiya Sangsad.

The total revenue collection has been fixed at Tk 392,490 crore, where National Board of Revenue (NBR) will collect Tk 330,078 crore while Tk 16,000 crore will come from non-NBR sector and Tk 43,000 will come from non-tax segment.

Besides, Tk 3490 crore will come from foreign aid, grants and loans.