7.5pc GDP growth target set for FY23
The government has set an ambitious economic growth target of 7.5 per cent for the next fiscal year although the country faces new headwinds owing to higher prices of commodities globally and is still recovering from the shocks of the coronavirus pandemic. It also maintained its previous projection of gross domestic product growth of 7.2 per cent for the current fiscal year, ending in June.The WB has projected that Bangladesh’s GDP would grow by 6.7 per cent in FY23, while the ADB expected the economy to expand by 7.1 per cent.When the budget for the current fiscal year was unveiled in June last year, the inflation goal was set at 5.3 per cent. It was later revised upwards to 5.7 per cent as prices went up for a combination of multiple factors. Inflation jumped to 6.17 per cent in February, the highest in 16 months, driven by soaring costs of foods.According to the government’s projection, the size of the economy would be $512 billion, or Tk 44,12,849 crore in FY23, while it was Tk 38,95,483 crore in FY22.
More subsidies coming to tame inflation
The government is going to formulate the next budget with the intent to keep inflation at a tolerable level by increasing subsidy allocations without resorting to upward adjustments to the prices of gas, electricity, and fertilisers. The budget for the upcoming fiscal 2022-23 also aims at alleviating poverty by boosting domestic investment all the more and creating more jobs. Some Tk72,745 crore will be earmarked for subsidies and incentives in FY23, which is 54% higher than the original budget for the current fiscal year and 24% higher than the revised budget. The subsidies for LNG, electricity, and agriculture will stand at Tk46,300 crore. According to sources in the know about the development, the allocation for the agriculture ministry is going to go up by 43.35% from over Tk16,201 crore to a little more than Tk23,224 crore.
BTCL launches prepaid services for high speed internet, telephone
Bangladesh Telecommunications Company Limited (BTCL) launched prepaid services for its customers on Sunday to ensure high speed internet and telephone services, reports UNB. Posts and Telecommunications Minister Mustafa Jabbar inaugurated the services at BTCL’s Easkaton office. Managing director of BTCL Rafiqul Matin said the prepaid package including telephone and internet bundle packages and customers can get telephone package after recharging Tk 150 for 30 days. For internet package, the BTCL has introduced 11 packages from 5mbps to 100mbps ranging from Tk 500 to 4200.Customers of BTCL can apply for the prepaid service and choose their packages through BTCL portal http:mybtcl.btcl.gov.bd at home. Besides, customers will get unlimited talk time facility from BTCL to BTCL at Tk 100 for 30 days while for other operators the call rate will be Tk 48 paisa per minute.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||$ 7,616.38||↑35.58||↑0.47 %|
|Nikkei 225||$ 26,596.66||↓496.53||↓1.83%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 107.70||↑0.75||↑0.70%|
|Crude Oil (Brent)||$ 112.63||↑0.93||↑0.83%|
|Gold Spot||$ 1,984.47||↑6.23||↑0.31%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.2000|
|GBP 1||BDT 112.5944|
|EUR 1||BDT 93.1822|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<