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Bangladesh's Fiscal Year 2023-24 Budget Paves the Way for Smart Development with 40 New Mega Projects

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Salman Akhtar
New Update
Bangladesh's Budget Sets Stage for Smart Development with 40 New Mega Projects
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Image Credit: Pakistan Institute of Development Economics

Bangladesh is gearing up for its upcoming national budget for the fiscal year 2023-24, aligning with the vision of "Smart Bangladesh Vision 2041." The Finance Minister, AHM Mustafa Kamal, will deliver a budget speech highlighting the challenges ahead and unveiling 40 new mega projects that will drive the country's smart development. These projects will have varying deadlines, spanning 2025, 2031, and 2041, and will be complemented by short-, medium-, and long-term initiatives.

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Building a Tech-Driven and Inclusive Digital Society

The blueprint for Smart Bangladesh centers around leveraging technology to foster an inclusive digital society. The budget will allocate resources for self-employment training programs, aimed at uplifting disadvantaged rural communities and integrating them into the mainstream of development. Additionally, the "One Student, One Laptop, One Dream" initiative will continue to provide laptop assistance to ensure students' online activities.

Technological Integration in Agriculture

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A key focus of the budget is to integrate technology into the agricultural sector, empowering traditional farmers with digital skills. Farmers will receive education on utilizing Internet of Things (IoT) devices for efficient and cost-effective fish farming and agriculture. The aim is to equip them with smartphone proficiency, enabling them to leverage digital tools for enhanced productivity and profitability.

Strategic Plan for Smart Bangladesh 2041

The proposed budget for the fiscal year 2023-24 amounts to Tk7,61,785 crore and aligns with the Smart Bangladesh 2041 strategic plan. This plan encompasses four key areas: smart citizens, smart economy, smart government, and smart society. The budget will prioritize advancements in smart education, healthcare, agriculture, commerce, and transportation systems.

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Initiatives and Milestones

Under the Smart Bangladesh master plan, a series of initiatives are set to be launched in the coming years. By 2023, the government aims to boost Bangla digital literacy, implement ICT policies, introduce a national procurement e-market, establish digital employment platforms, and enhance smart public services. By 2024, universal digital IDs, a digital curriculum, smart device access, and smart healthcare, among other initiatives, will be rolled out. Furthermore, by 2025, plans are in place for smart land management, digital postal services, a modernized judiciary, smart borders, and police modernization, emphasizing the government's commitment to smart development across various sectors.

Impending Budget Presentation

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The national budget for the fiscal year 2023-24 will be presented in the national parliament on Thursday. This will mark Finance Minister AHM Mustafa Kamal's fifth budget presentation and the 24th under the Awami League-led government. The budget reflects Bangladesh's determination to advance its development goals and embrace technological innovation to create a smart and prosperous nation.

Bangladesh's fiscal year 2023-24 budget signifies a significant step towards achieving the vision of Smart Bangladesh Vision 2041. The budget's focus on digital transformation, inclusivity, and strategic initiatives across key sectors demonstrates the government's commitment to smart development. The implementation of the proposed projects and initiatives is poised to propel Bangladesh's journey towards becoming a digitally empowered and economically vibrant nation.



Digital Transformation Smart Bangladesh Bangladesh Budget Inclusive Development Smart Development Tech-Driven Society Smart Agriculture Smart Education Smart Healthcare Smart Commerce
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