Tk2,368cr allocated for IT sector

Finance Minister AHM Mustafa Kamal has proposed Tk2,368cr to be allocated  for the information technology sector (IT) in the budget for the 2023-24 fiscal year.

The minister made the proposal during his budget speech at the National Parliament Bhaban on Thursday (1 June).

The allocation for the IT sector in the new budget is Tk452 crore more than the budget for 2022-23 fiscal year. Allocation in this sector was Tk1,916 crore in the last FY.

The minister said, "Information technology infrastructure has expanded across the country. Its widespread and versatile use has enabled high growth, reduced poverty and increased social mobility. We have now started the work of building 'Smart Bangladesh' under the guidance of our prime minister." 

"At the same time, we are faced with the challenges of the fourth industrial revolution. In continuation of Digital Bangladesh, we have to carry on our work in the information technology sector to make it suitable for the fourth industrial revolution which will facilitate the task of establishing Smart Bangladesh."

He also said, "The four pillars of 'Smart Bangladesh' include: Smart Citizen, Smart Society, Smart Government, and Smart Economy. The 'Smart Bangladesh: ICT 2041 Master Plan' has been already formulated with detailed activities. In this master plan, 100 percent of applicable services will be digitalized for the citizens who will also be prepared with innovation and knowledge-based technology. 

"If this goal is achieved, transparency and accountability will be ensured and people will be able to receive all services very easily. In all spheres, people's participation will enable us to achieve our goal of inclusive development. As envisaged, innovation and technology will radically change people's lifestyle in all areas including education, livelihood, skills, medicine and industry."

He further said, "The features of a smart economy will be fast and secure transactions, cashless society, startups and so on. In a smart economy, trade and investment facilities will be equally accessible to all citizens of the country.

"Currently, there are about 2,500 startups in the country while investment in this sector stands at about $1 billion. Direct and indirect employment has been created for nearly 20 lakh people. Government has formed Startup Bangladesh Venture Capital Company to provide support to emerging startups."

He continued, "Investment activities in 100 startups are going on through the 'Shoto Borshe Shoto Asha' campaign organised by Startup Bangladesh on the occasion of Mujib Barsha. For these startups, the government has promised to invest Tk500 crore. 

"Above all, a 'smart society' will be one that implements the commitment of sustainable development goals 'leave no one behind' and ensures inclusion of all. We have expressed our commitment to move forward on the path of prosperity with all in the 8th Five Year Plan document."

With a focus on tackling inflation, job creation, the fourth industrial revolution and "Smart Bangladesh," Mustafa Kamal placed in the Jatiya Sangsad (JS) today a Tk7.61 lakh crore national budget for the fiscal year 2023-24.