Dhaka, June 8 (bdnews24.com) - The government is planning to announce a budget of around Tk 100,000 crore for the upcoming fiscal year, with a suggestion to allocate up to 15 percent of the amount for subsidizing essential items, according to the finance adviser. This will be the first time a caretaker government has proposed a complete budget for two consecutive fiscal years. Finance adviser AB Mirza Azizul Islam, set to deliver his second budget speech on Monday, mentioned that up to Tk 15,000 crore will be allocated for fuel, food, and fertiliser subsidies, triple the amount from the previous fiscal year. Spending on non-development sectors, such as food, structural coordination, and loans, is expected to surpass Tk 70,000 crore, while the overall budget deficit is projected to stay under five percent. Mirza Aziz stated that there would be no increase in tax rates in the upcoming fiscal year, but import duties on certain goods may be raised to support local industry. He highlighted the challenges faced by Bangladesh in preparing the budget, including fuel price hikes, global food crisis, and natural disasters caused by climate change. Despite the soaring oil prices putting pressure on the economy, the government has not yet decided to raise fuel prices. Aziz emphasized that even though oil prices had reached $139 a barrel, the government opted not to increase fuel prices considering the overall circumstances. The adviser mentioned that back in 2007, a barrel of fuel cost $62 on the global market when the government last raised fuel prices in the country. In the budget for fiscal 2007-08, the overall deficit was projected at 4.2 percent. The finance adviser stated on Sunday that the budget deficit is expected to increase slightly in the upcoming year due to higher subsidies for various sectors such as fuel, fertiliser, and food. However, he reassured that it would not exceed 5 percent. The finance adviser also mentioned plans to widen the tax net significantly in order to boost revenue income. The expected revenue increase for the upcoming fiscal year is 17 percent. In the 2008-09 budget, Tk 43,850 crore was allocated from NBR-controlled sources. The adviser mentioned that the tax system in the budget would be favorable for businesses, with measures to limit the discretionary power of tax officials and streamline the tax collection process. The target GDP growth rate is set at 6.5 percent, and the projected annual inflation rate is around 9 percent. The target for GDP growth in the fiscal year 2007-08 was set at 7 percent, with an average inflation rate of 6 percent. The finance adviser explained that achieving 7 percent growth in the fiscal year was not possible due to floods and cyclones. Initially, it was expected that the growth rate for the current fiscal year would be below 6 percent, but recent data from the Bangladesh Bureau of Statistics indicates that the growth rate is actually 6.21 percent. In the previous fiscal year (2006-07), GDP growth was 6.5 percent. Mirza Aziz expressed the main worry for Bangladesh's economy as being inflation. He emphasized that the point-to-point inflation rate decreased by three percentage points to 7.7 percent in April, according to data from the Bureau of Statistics. In March, the point-to-point inflation rate stood at 10.06 percent. Aziz also mentioned that agriculture will be the top priority in the upcoming budget, with the sector receiving the highest allocation in the development budget. Mirza Aziz announced that the government has devised plans to create job opportunities for impoverished individuals in the upcoming fiscal year. As part of the scheme, one member of each family will be compensated with a set sum of money for completing 100 days of work. Additionally, the government intends to expand the number of recipients of various social welfare benefits provided under the social safety net program. Aziz also mentioned that measures would be taken to boost the buying power of individuals belonging to fixed income brackets. Furthermore, a dearness allowance will be introduced for government employees to alleviate the financial strain caused by escalating prices. The finance adviser's budget speech will be shown live on government and private TV and radio channels at 3pm on Monday. Just like last year, the government is encouraging public review of the proposed budget by sharing the budget speech, summary, and annual financial statement on www.mof.gov.bd. Hard copies will also be available starting at 3pm on Monday. Anyone can access these documents, download information, and provide feedback to the government by filling out forms until 5pm on June 16. Individuals and organizations can also submit written comments, recommendations, and criticisms, all of which will be taken into account in the final approved budget to ensure public participation in the process. The government has identified specific websites where the public can access the proposed budget. These websites include www.bangladesh.gov.bd, www.nbr-bd.org, www.plancomm.gov.bd, www.imed.gov.bd, www.bdpressinform.org, and www.cao.gov.bd. Additionally, links to the budget documents will be provided on other government websites under the finance ministry and at bdnews24.com.