3.03% higher than the ongoing fiscal year
Bangladesh Economic Association (BEA) on Tuesday came up with an alternative budget of Tk17,38,716 crore for the next fiscal year, which is 3.03% higher than the ongoing fiscal year.
They placed the alternative budget proposal at a virtual press conference, while its president Abul Barkat presented the budget proposal.
In his presentation, he showed 28 new ways to increase revenue.
Finance Minister AHM Mustafa Kamal is likely to propose a draft budget for fiscal year 2021-22 in parliament on Thursday.
The budget proposal, styled "Covid-19 and the Transition from the Socio-Economic Recession: Alternative Budget Proposal of Bangladesh Economic Association (BEA) for FY 2021-22", will be sent to the government soon.
The association estimated the budget deficit of Tk1.35 lakh crore.
Before the proposed national budget, the BEA placed the alternative budget for the seventh time.
The BEA set a revenue collection target of Tk16,03,716 crore.
About 92.20% of the total budget comes from revenue collection, of them, about 79% from direct tax and the rest from indirect taxes, said BEA president Abul Barkat.
"We will not need any foreign loans to finance our proposed budget," said the economist, adding that we will not take bank loans to meet the deficit.
Abul Barakat said that the deficit would be filled through the bond market, savings certificates and public-private partnership.
"If our alternative budget is implemented, there will be high growth and the inequality will decrease,” he added.
The association proposed at Tk2.02 lakh crore for education and technology sector; Tk1.37 lakh crore for the health sector; Tk3.3 lakh crore for social safety net programs, etc.