- November 19, 2017
Although Tk2,202 crore allocated this year to the Power, Energy and Mineral Resources Ministry remains unspent, the government has doubled its allocation to the ministry in the proposed FY2015-16 budget.
In his budget speech, Finance Minister AMA Muhith announced a total budgetary allocation of Tk18,540 crore for the sector, a 99% increase from the revised budget of Tk9,338 of the current fiscal year.
The budgetary allocation for the ministry in the current fiscal was Tk11,540 crore, but was later revised down to Tk9,338 crore.
Finance Minister AMA Muhith has proposed to impose a 5% supplementary duty on services provided through mobile communication in the budget of FY 2015-16.
He also proposed to reduce tax on mobile SIM and RIM cards in the budget.
“With a view to ensuring the continued development of the mobile sector, the government is making such proposals to make the IT service easily attainable through mobile phone,” the minister said during the budget speech at Jatiya Sangsad yesterday.
The government has placed a huge budget for the 2015-16 fiscal year, riding on a big revenue target and bank borrowing due to poor foreign resources.
Placing the Tk2.951 trillion (Tk2,95,100 crore) budget in parliament yesterday, Finance Minister AMA Muhith estimated the GDP to grow at 7% in the next fiscal year, with a range of steps the government has taken to overcome the prevailing slow pace of private investment – largely responsible for hindering expected economic growth.
The budget may have enough plans to attract investment but higher bank borrowing may affect credit flow into private investment, which may eventually hamper growth, analysts said.
Abnormally high revenue target and absence of clear guideline to improve efficiency of spending money mean that the budget has failed to balance income and expenditure. They warned that the pay hike proposals for public servants might accelerate inflation in the coming fiscal year.
Family members of a businessman yesterday claimed that a sub-inspector of Gulshan police had killed the trader.
Deceased Nur-e-Alam Azad Sourov, a cosmetics trader at Pink City Shopping Mall, used to live with his family in Mohammadpur’s Iqbal Road area.
His brother Masum said Gulshan police outpost in-charge Sub-Inspector Mahbubur Rahman had invested Tk13 lakh in Sourov’s business three months ago.
BNP leader Amir Khasru Mahmud Chowdhury termed the proposed national budget for FY 2015-16 “pro-rich,” saying there is nothing in it to cheer about for common people.
“The prices of all the essentials will go up following the budget. In fact, this budget is not pro-people as it has been framed for the convenience of the rich,” Khasru said in his immediate reaction to the proposed budget at a city hotel.
Indian Prime Minister Narendra Modi said he was certain that his visit to Dhaka would be beneficial for the people of both nations and in the larger good of the South Asian neighbourhood.
The prime minister on Thursday shared a post on his Facebook page on his upcoming visit to Bangladesh.
In the post, he said to promote greater people-to-people ties and connectivity, Prime Minister Sheikh Haisna, he and West Bengal Chief Minister Mamata Banerjee will flag off bus services on the Kolkata-Dhaka-Agartala and Dhaka-Shillong-Guwahati routes.
For the upcoming fiscal year, the government has set a GDP growth target of 7%, which is higher than the 6.2% growth in the fiscal year’s revised budget.
In his budget speech given at the Jatiya Sangsad yesterday, Finance Minister AMA Muhith said: “Considering the future contribution of the industries and services sector, I have set the 2015-16 fiscal year’s GDP growth target at 7%.”
People living in municipality and district headquarters will be able to whiten undisclosed money by purchasing residential apartments in these areas, as the Finance Bill 2015 cuts specific tax on such purchases.
For this, people buying apartments with untaxed money will have to pay Tk600 as tax per square metre of the apartment area, says the finance bill. Under the existing arrangements, the tax per sq-m is Tk1,000.
The bill reduces the tax to Tk800 from the existing Tk1,500 for apartments bigger than 200sq-m.
The Ministry of Education and Ministry of Primary and Mass Education this year received an allocation of Tk31,618 crore which is less than the previous fiscal.
Experts said less allocation for the fastest expanding education sector is unfortunate and will be a barrier to ensuring quality education for all.
Finance Minister Abul Maal Abdul Muhit proposed Tk17,103 crore for the Education Ministry and Tk14,502 crore for the Ministry of Primary and Mass Education for the fiscal year 2015-2016.
The transport sector has received the biggest share of development allocation, around Tk234.64bn, under the proposed FY2015-16 budget.
The amount is around 23.8% of the total Tk985.87bn development budget for the upcoming fiscal year.
The Padma Bridge project, a high-priority fast-track project of the government, would alone get around Tk7,400 crore – the highest allocation for a single project for FY2015-16.
Joined up polities are needed to help put the country on a path to more sustainable development.The theme of today’s World Environment Day, “Seven Billion Dreams. One Planet. Consume with Care,” highlights the importance of ensuring sustainable development.
It is wrong to think of economic growth and protecting the environment as contradictory. Richer and more industrialised countries may create huge greenhouse emissions, but they are also more able to invest in measures to reduce them and tend to be more successful at implementing conservation measures.
What holds us back? India needs to understand that it has more to gain than to lose by opening itself up to its eastern neighbourImagine a world in which Bangladesh and India would truly collaborate and cooperate with one another as equal partners and with mutual respect and understanding.
What would such a world look like and how would it differ from the world in which we live today?
We would have open borders, with Bangladeshis and Indians both having the right to live, work, and study in the other country.
There would be no border shootings because there would be no need for illegal border crossings.
The coal-based Rampal Power Plant near the Sundarbans is dangerous for the ecology, the environment, and people’s livelihoodsToday is World Environment Day.
Protecting the environment from pollution is essential for all species of the world, including human beings. Every country in the world observes this day widely to create mass awareness to protect nature, the ecology, and the environment.
This loss of forest has contributed to the extinction and endangerment of many plants and animals unique to Bangladesh, including the symbol of our nation’s pride —
the Bengal Tiger.
That the environment is under pressure is not a new story, but a fact that has been witnessed with concern in all parts of the world. What is often forgotten is that humans are deeply dependent on the environment. It supports our very existence. Food, water, and the air that we breathe are services crucial to our survival — yet the environment continues to be destroyed.
An explosion at a petrol station in Ghana’s capital Accra killed about 90 people, many of whom had sought shelter there from torrential rain, on Wednesday night, the fire
The blast was caused by a fire that erupted at a nearby lorry terminal then spread to the petrol station and other buildings, fire brigade spokesman Prince Billy
It ripped through the filling station, operated by GOIL, shattering windows and walls and reducing the station to rubble.
Myanmar said yesterday that persecution of its Rohingya Muslim population was not the cause of Southeast Asia’s migrant crisis, a day after the United States called on the country to give full rights to the minority to help end the exodus.
President Barack Obama said this week that Myanmar needed to end discrimination against the Rohingya if it was to succeed in its transition to a democracy.
Palli Sanchay Bank needs Tk125 crore while Grameen Bank Tk0.58 crore for improvement of their capital baseFinance Minister AMA Muhith proposed to allocate Tk5,000 crore in the new budget for next fiscal year as recapitalisation of state-owned banks that have been suffering capital shortfall in the wake of corruption.
The government has been spending public money on the state banks since the fiscal year 2013-14, following loan scandal.
The state banks have been recapitalised by public money with a total of Tk9,477 crore during the current and previous fiscal year.
The government has proposed to raise the tax at source on exports, including that of the garment sector, to 1% for fiscal year 2015-16.
Currently, the apparel makers pay 0.30% tax at source, while the other export-oriented sectors pay 0.60%.
In the last budget, the government slashed tax at source to 0.30% from 0.80% to give a cushion in the losses caused by political unrest and the RMG factory compliance issue.
Finance Minister AMA Muhith made the proposal at his budget speech in parliament yesterday.
As many as 31,241 posts had already been created to strengthen the police force. The process to create 50,000 more posts is under wayThe government has decided to recruit 81,241 more police members with a view to ensuring public safety and a conducive environment for economic activities.
Finance Minister AMA Muhith in his budget speech yesterday said as many as 31,241 posts had already been created to strengthen the police force. “The process to create 50,000 more posts is under way.”
At present, around 1,55,800 police are deployed all over the country. Of them, more than 1,00,000 are constables.