Finance Minister Abul Hasan Mahmud Ali is going to give a budget of 797 thousand crore rupees for the next fiscal year 2024-25 by increasing 35 thousand 215 crore rupees compared to the current fiscal year 2023-24. Although the size of the budget has increased, the amount of deficit is decreasing slightly in the next financial year. Compared to the proposed budget of the current fiscal year, the deficit in the budget of the next fiscal year is considered to be less than five thousand 785 crore taka.
Sources in the Ministry of Finance have informed that the Finance Minister will present the budget proposal for the fiscal year 2024-25 to the nation through the National Parliament on June 6. The size of this budget will be 7 lakh 97 thousand crores. And the budget deficit will be estimated at two lakh 56 thousand crores.
To meet this shortfall, the target of foreign debt may be 1 lakh 27 thousand 200 crores. 36 thousand 500 crores of foreign debt will be repaid. In this, the net foreign debt will stand at 90 thousand 700 crores.
Read more
And domestic debt will be taken 1 lakh 60 thousand crores. Out of this, one lakh 37 thousand 500 crores will be taken from the banking system, of which 72 thousand 682 crores are long-term loans and 64 thousand 818 crores are short-term loans. 23 thousand 400 crores of non-bank loans will be taken. The target for sale of savings bonds is Tk 15,400 crore.
In the budget of the financial year 2024-25, the interest payment cost of the loan is estimated at 1 lakh 13 thousand 500 crores. Out of this, interest on domestic debt is 93 thousand crores. And foreign loan interest is 20 thousand 500 crores.
In the budget of the next financial year, the revenue target is estimated at five lakh 41 thousand crores. Of this, the target of the National Board of Revenue (NBR) is Tk 480 thousand crore. Non-NBR tax is estimated at Tk 15 thousand crore. And the target of receipt without tax is 46 thousand crores.
About 64 percent of the 2024-25 budget can be earmarked for operational expenditure. Operating expenses are estimated at five lakh six thousand 971 crores. Never before has allocation been kept at such a high rate for operating expenses. Out of the operating expenses, the recurrent expenses are four lakh 68 thousand 983 crores. And the interest payment of domestic and foreign loans is 1 lakh 13 thousand 500 crores. This time the capital expenditure is estimated at 37 thousand 989 crores.
In the budget of the next financial year, the development expenditure is estimated at 2 lakh 81 thousand 450 crores. Out of this, 5 thousand 943 crore rupees will be spent on the scheme. Expenditure of special projects other than ADP is estimated at 7 thousand 627 crores. The annual development program expenditure is estimated at two lakh 65 thousand crores. And Rs 2,884 crore will be spent on food programs (non-ADP) and transfers in exchange for work.
Read more
In the budget of the next financial year, the total deficit without grants is 2 lakh 56 thousand crores. However, the total deficit including grants will stand at 2 lakh 51 thousand 600 crores. In other words, in the next financial year, the target of getting a grant of 4 thousand 400 crores is going on.
For the current fiscal year 2023-24, former Finance Minister AHM Mustafa Kamal’s proposed budget of Tk 761,785 crore, the overall deficit without grants is Tk 261,785 crore. To meet this deficit, the target of taking foreign loans is 1 lakh 27 thousand 190 crores. On the contrary, the foreign debt repayment target is Tk 24 thousand 700 crore. The amount of net foreign debt stands at one lakh two thousand 490 crores.
On the other hand, the domestic debt target is Tk 1,55,395 crore. Out of this, a target of Tk 1 lakh 32 thousand 395 crores from the banking system and Tk 23 thousand crores from non-banks is taken. And the target of taking 18 thousand crore rupees from savings certificates is set. In other words, more loans will be taken from foreign loans and internal banking system in the next financial year compared to the current financial year. However, the target of withdrawing money by selling savings bonds has been reduced.
In the next financial year 2024-25 budget, subsidy and incentive expenditure may be higher than the current financial year. In the current financial year, the subsidy is estimated at 1 lakh 174 crores. In the next financial year, its amount can be increased to 1 lakh 12 thousand crores.
The biggest subsidy in the next financial year’s budget is likely to be given to the power sector. 42 thousand crore rupees can be allocated for subsidy in power sector. The subsidy for electricity in the current financial year was Tk 35 thousand crore. According to this, electricity subsidy may increase by 7000 crores in the next financial year compared to the current financial year.
Apart from this, in the budget of 2024-25 financial year, liquefied natural gas (LNG) import subsidy may be Rs 7,000 crore, agriculture Rs 25,000 crore, food subsidy Rs 7,000 crore and remittances Rs 6,200 crore.
One lakh 32 thousand crore rupees can be allocated for social safety net projects. The number of beneficiaries may increase to about five lakh. Capitation allowance may remain unchanged. However, senior citizens and widows, deserters or destitute women beneficiaries are likely to increase their allowance. In case of senior citizens, an individual may be given an allowance of Rs 600 per month and widows, deserters or distressed women may be given an allowance of Rs 550 per month.
MAS/MKR/JIM/EA
#time #budget #deficit #lakh #thousand #crores