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Finance Minister Muhith sets seven percent GDP growth target for 2015-16 fiscal

43Finance Minister AMA Muhith has set a target of 7 percent GDP (gross domestic product) growth for 2014-15 annual budget.

He placed the Tk 2.95 trillion budget in Parliament on Thursday with a thrust on increasing revenues to meet at least two-thirds of the budget allocations.

The size of the budget for 2014-15 fiscal year was around Tk 2.51 trillion with a GDP growth target of 7.3 percent.

Bangladesh Bureau of Statistics (BBS) finally forecast the growth would be 6.51 percent .

Considering the overall condition, the finance minister is optimistic that the GDP would grow in the new fiscal year  by seven percent.

Return of political stability, record low oil prices, growing exports and remittances have given Muhith the confidence to place a jumbo budget with higher revenue and GDP growth targets that he hopes would be fulfilled.

According to the BBS, the size of the GDP in July-March period of the 2014-15 fiscal year was around Tk 15.136 trillion. The amount was nearly Tk 13.44 trillion in the same period previous year.