JS passes Tk 191738 crore national budget for FY 2012-13

The Jatiya Sangsad (JS) today unanimously passed the national budget for the fiscal year (FY) 2012-13 involving Taka 191738 crore, attaching priority to domestic resource mobilization, human resource development, poverty reduction, employment generation and power-energy sector development.

The JS also adopted the Appropriation Bill-2012. Financer Minister AMA Muhith piloted the bill for enactment. The day's sitting began with Deputy Speaker Shawkat Ali in the chair, but Speaker Abdul Hamid Advocate was at the helm while the House adjourned at 3:08pm.

The new budget is the fourth fiscal document since the Awami League-led grand alliance government came to power with an overwhelming victory in the last general elections.

The JS earlier unanimously passed the Finance Bill-2011 with some amendments to the tax proposals, which include withdrawal of tax on mobile phone calls, reduction of tax at source on exports and creating scope to invest undisclosed income in different sectors, including the share market, by giving 10 percent tax.

Besides, these minor amendments, there were no major changes in the budget, which Finance Minister AMA Muhith placed in the JS on June 7.

With the adoption of the Finance Bill-2012 on Wednesday, and the Appropriation Bill-2012, the entire process of the JS passing the national budget for the fiscal 2012-13 is complete.

About 847 cut motions were proposed by opposition lawmakers but only independent lawmaker Mohammad Fazlul Azim spoke on some proposals, the cut motions were rejected by voice votes.

Since lawmakers of the opposition were absent in the House, their cut motions were not placed.

Ministers placed their proposals for expenditure through 56 demands for grants, which were passed by voice votes.

In the budget for the FY 2012-13, the growth target has been set at 7.2 percent, which experts believe as attainable through effective measures in implementing the ADP.

The budget has a target to bring down the inflation to 7.5 percent.

In figure, the size of the budget for 2012-13 fiscal is up by Tk 30525 crore from the revised budget of Tk 1,61,213 crore of the outgoing financial year. The actual outlay for 2011-12 fiscal year was Tk 1,63,589 crore.

In the budget for the fiscal year 2012-13, expenditure for the ADP has been estimated at Tk 55,000 crore, up by Tk 14020 crore from Tk 41,080 crore of the outgoing fiscal's revised ADP.

The revenue income in the budget has been targeted at Tk 1,39,670 crore, of which, Tk 1,12,259 crore will come as NBR tax revenue, Tk 4,565 from non-NBR sources while Tk 22,846 crore will be collected as Non-Tax- Revenue.

According to the budget document, 58.55 percent of the total outlay will come from tax revenue.

The power and energy sector got Tk 9,544 crore to improve power generation. The agriculture sector got Taka 8.917.52 crore, development and non-development budgets combined. Tk 39,390 crore
has been allocated for human resources development while Tk 22,750 crore for social security and employment schemes.

However, lawmakers of the main opposition Bangladesh Nationalist Party (BNP), Bangladesh Jamaat-e-Islami and Bangladesh Jatiya Party remained absent from the House during the budget session began on May 27.

Leader of the House and Prime Minister Sheikh Hasina, Finance Minister AMA Muhith, ministers, treasury bench members and the only independent member took part in about 47 hours budget discussion in 12 working days from June 12.

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