Parliament has passed a Tk603,681 crore national budget for the fiscal year 2021-2022 that aims to attain a 7.2% GDP growth by putting priority to the lives and livelihood of the country's people in tandem with development amid the Covid-19 pandemic.
The national budget for the next fiscal year titled "Bangladesh Towards a Resilient Future Protecting Lives and Livelihoods" was passed on Wednesday, which was also the last day of the outgoing fiscal year (FY21).
Finance Minister AHM Mustafa Kamal moved the Appropriation Bill, 2021 seeking a budgetary allocation of Tk792,912.95 crore which was passed by voice vote.
Earlier on Tuesday, parliament passed the Finance Bill, 2021 with some changes.
Following the proposal mooted in the House by the Finance Ministry for the parliamentary approval of appropriation of fund for meeting necessary development and non-development expenditures of the government, the ministers concerned placed justifications for the expenditures by their respective ministries through 59 demands for grant.
Earlier, the Parliament rejected by voice vote a total of only 625 cut-motions that stood in the name of opposition members on 59 demands for grants for different ministries.
A total of twelve MPs from the Jatiya Party and BNP submitted their cut-motions on the budget.
Earlier, on 3 June the finance minister in his 192-page budget speech highlighted various steps of the government to mitigate the shocks from the Covid-19 and the way forward to a sustainable economic recovery.
The total budget size of Tk603,681 crore for FY22 is 17.5% of the GDP. Total allocation for operating and other expenditures has been set at Tk378,357 crore, while the allocation for the Annual Development Programme (ADP) is Tk225,324 crore.
The overall budget deficit for FY22 will be Tk214,681 crore, which is 6.2% of GDP while the budget deficit in the last fiscal year was 6.1%.
Out of the total deficit, Tk101,228 crore will be financed from external sources, while Tk113,453 crore from domestic sources of which Tk76,452 crore will come from the banking system and Tk37,001 crore from savings certificates and other non-bank sources.
The growth rate for FY22 has been fixed at 7.2% remaining consistent with the government's long-term plan and taking the post Covid-19 recovery situation into account. The inflation rate during this period is expected to remain within 5.3%.
With giving utmost priority to the programmes and steps taken by the government to address the Covid-19 pandemic, the government also allocated Tk32,731 crore for the health and family welfare sector in the next fiscal year, which was Tk29,245 crore in FY21.
Considering the impact of the pandemic, the government has made allocation of Tk107,614 crore in the social safety net sector, which is 17.83% of the budget and 3.11% of the GDP.
The government has set the target for total revenue income in the FY22 at Tk389,000 crore, which is 11.3% of the GDP. Out of this, Tk330,000 crore will be collected through the NBR sources.