Finance Minister pledges paradigm shift through budget


May 29, 2022


Finance Minister pledges paradigm shift through budget

KATHMANDU: Minister for Finance Janardan Sharma has said the budget for the upcoming fiscal year 2079-80 BS (2022-23) is a take-off point towards production economy from an import one and towards inclusion from exclusion.

While announcing the budget in the joint session of the Federal Parliament on Sunday, the Finance Minister said the nation’s economy was on the path of recovery after COVID-19 crisis and the revenue collection in the current fiscal year was satisfactory.

Poverty alleviation and maximum utilization of available natural assets and capital mobilization to create jobs are the priorities of the budget that focused on promoting production-based economy, according to the Minister who said, “Agriculture, tourism, industry and energy are the special priorities of the budget.”

Through the budget, the government targets to minimize the imports of grains: rice, maize and wheat by 30 percent. In addition to this, it plans to establish 100 food warehouses across the country and implement the ‘farmers’ pension program’.

For the seed capital of this program, it has decided to allocate the budget of Rs one billion.

Enhancement of fiscal discipline, transformation of agricultural sectors, innovation-based economic development, recovery of tourism sectors, promotion of hydropower sector and effective administrative service are other commitments of the budget.