Dhaka, June 30 (V7N)- The Jatiya Sangsad (JS) approved the TK 7,97,000 crore national budget for FY25 yesterday, emphasizing economic stability and advancing the government's "Smart Bangladesh" vision. Despite global challenges, the budget aims for a 6.75 percent GDP growth and an inflation rate of 6.50 percent.

Finance Minister Abul Hassan Mahmood Ali introduced the Appropriations Bill, 2024, which sought a budget allocation of TK 12,41,752 crore and was passed by voice votes. Additionally, the parliament approved the Finance Bill, 2024, with minor amendments. Following the Finance Ministry's proposal for parliamentary approval of funds for necessary development and non-development expenditures, ministers provided justifications for their respective ministries' expenditures through 59 demands for grants.

The JS also rejected 251 cut-motions from opposition members regarding 59 demands for grants for various ministries by voice votes. Seven MPs, including Jatiya Party's Mujibul Huq and Independent MP Pankaj Nath, presented the cut motions and participated in discussions on specific ministries before Speaker Dr. Shirin Sharmin Chaudhury expedited the passing process without a lunch break.

Opposition and independent MPs present during the passage of the Appropriations Bill did not object. The FY25 budget of TK 7,97,000 crore is 4.60 percent higher than the outgoing fiscal FY24 budget. The GDP is projected at TK 55,97,414 crore. The government reduced FY24 expenditure to TK 714,418 crore from the initial TK 7,61,785 crore. The new budget includes an ADP outlay of TK 2,65,000 crore, with an estimated deficit of TK 2,56,000 crore excluding grants.

Allocations in the budget are as follows: TK 2,06,569 crore for social infrastructure, TK 2,16,111 crore for physical infrastructure, and TK 1,68,701 crore for common service sectors. The interest rate has been increased since 2022 to control inflation in the western world.

END/V7N/SRD/DK/