Budget of Bangladesh 2017-18

A budget is a financial plan for a country for a defined period of time, usually the time period is one year.

It is a plan that contains how the state will earn its revenue, where it will use its money, how much investment is expected, what would be the GDP (Gross Domestic Product), what is the expected inflation rate and so on. A budget is very useful to control resources, to maximize income, to use the assets to its full potential and so on. Bangladesh generally declares its budget during the month of June and brings it into act from the month of July. Last year Bangladesh represented its budget for the fiscal year of 2017-18. This budget is described in the following section:

1. The budget of Bangladesh for the fiscal year of 2017-18 was declared by the finance minister Mr. Abul Mal Abdul Muhit on June 1, 2017.
2. This budget was passed in the parliament on June 29, 2017 and it came into act on July 1, 2017.
3. This year our finance minister declared a budget of 4,00,266 crore taka which is 83,000 crore more than the previous fiscal year of 2016-17.
4. According to this budget we are expecting a growth  rate of 7.4% and we are also expecting to keep our inflation rate below 5.5%.
5. In this budget the highest portion of expense is sanctioned for the education and technology sector which is 16.4%, next to it is transport and communication which gets 12.5% and so on.
6. This year's budget has 1,53,331 crore taka assigned for ADP (Annual Development Programme)

As in the past eight budgets, this year too, the finance minister declared a huge deficit budget, yet with no indication of how this will be met. He says that this budget will take us to the development highway, yet has never told anything on how to overcome the obstacles on the way.

there are doubts as to whether the finance will get the conductive and helpful environmental condition which he has got in previous years to meet up this enormous budget. The recent disaster and high price of rice is making the market unstable every now and then and thus it would be very tough to keep the inflation under 5.5%. 

The earnings from remittance is decreasing day by day because of unstable political condition in the Middle east countries. Huge number of population is still unemployed. And matter of regret is that there is no indication in this budget how will we overcome this and create scope  of employment for this huge population.

The finance minister has presented a budget full of self-complacence. keeping the upcoming vote in mind he has stayed the VAT of various products whereas retained the 15% VAT on maximum products. The general will have to bear the brunt. The hike of the price of gas will also be detrimental to the public life.

The decreasing of interest rate in banks and high tax on various sectors have made the situation unbearable. This situation brings a question to everyone's mind if the finance minister is influencing the citizens to siphon off their money overseas.

But it is a matter of relief that at least in the government thought something about its citizens and brought down the VAT and excise duty on bank deposit.