KATHMANDU: The government unveiled a budget of Rs 1 trillion 860 billion and 300 million for the coming fiscal year 2024/025.
Finance Minister Barshaman Pun presented the budget through his budget speech on Tuesday at the joint session of the Federal Parliament.
According to the budget, Rs 1 trillion 140 billion 660 million has been allocated for recurring expenditure, Rs 352 billion 350 million for capital expenditure and Rs 367 billion 180 million for fiscal management.
He also delineated the core objectives, priorities, strategies, and transformative initiatives of the forthcoming fiscal year budget.
According to him, the five key objectives include:
Amplify production, productivity, and employment opportunities.
Foster private sector confidence, stimulate investments, and catalyze economic growth.
Cultivate human resources for sustainable development.
Mitigate economic disparities and poverty through equitable resource allocation.
Enhance efficiency in public service delivery.
Five Strategic Priorities:
Spearhead economic reforms and bolster private sector advancement.
Prioritize agriculture, energy, information technology, tourism, industrial growth, and infrastructure development.
Strengthen the social fabric with focused investments in education and healthcare.
Ensure inclusivity and social welfare through robust social security measures.
Elevate governance standards and refine public service delivery mechanisms.
Five Economic Reform Strategies:
Implement structural reforms for systemic enhancement.
Foster a conducive business environment to spur growth and innovation.
Revamp the public finance system for fiscal stability and transparency.
Undertake comprehensive reforms in the financial sector to bolster resilience.
Modernize public administration for efficiency and effectiveness.
Five Transformative Sectors:
Revolutionize the agricultural sector for sustainable growth.
Propel the energy sector towards self-sufficiency and innovation.
Foster advancements in information technology to drive digital transformation.
Promote tourism as a key driver of economic prosperity.
Cultivate entrepreneurship and foster industrial development for economic diversification.
Rs 8.10 billion to Ministry of Labour
The government has earmarked 8.10 billion rupees for the Ministry of Labour, Employment, and Social Security.
This allocation underscores the government’s commitment to addressing labor-related issues and bolstering social welfare.
As outlined in the budget statement for the fiscal year 2024/025 by Finance Minister Barshaman Pun, several initiatives are set to unfold.
Furthermore, measures will integrate labor market dynamics, ensuring a seamless alignment between manpower demand and supply through an automated system.
Prime Minister’s Employment Program
The government has allocated Rs 6 billion to engage approximately 200,000 unemployed individuals in public construction and maintenance projects for a minimum of 100 days.
Finance Minister Pun said, “Around 200,000 individuals will benefit from the Prime Minister’s Employment Program, providing them with a vital source of livelihood for at least 100 days.
Additionally, measures will be taken to streamline the registration process for illiterate workers seeking employment abroad, including making orientation training free of charge, he said.
Economic growth of 3.9 percent
The government has projected an economic growth of 3.9 percent for the fiscal year 2024/25. Finance Minister Pun stated that Nepal will witness an economic growth rate of 3.9 percent.
Premier wedding destination
The government has unveiled ambitions to transform Nepal into a wedding destination. During the budget announcement for the upcoming fiscal year 2081-082, Finance Minister Barshman Pun disclosed plans to cultivate cultural and tourist sites into wedding venues.
Notably, Janakpur, revered as the matrimonial site of Ram and Sita, will be highlighted as a premier wedding hub. Additionally, Lumbini, the revered birthplace of Gautam Buddha, will be positioned as an exclusive birthing destination.
IT Parks in Kathmandu and Butwal
Finance Minister Barshman Pun also disclosed plans to leverage government and private buildings in Kathmandu Valley and Butwal for the establishment of IT parks. These parks will offer free space to operate ‘work stations.’
Additionally, a provision for complimentary ‘work station’ usage for a duration of up to three years within the IT park premises was underscored.
Economic growth of 3.9 percent
The government has projected an economic growth of 3.9 percent for the fiscal year 2024/25. Finance Minister Pun stated that Nepal will witness an economic growth rate of 3.9 percent.
Year of Economic Reform
The government has officially designated the upcoming fiscal year as the period for economic reforms.
Minister Pun emphasized the growing confidence within the private sector and highlighted promising indicators of economic advancement.
He said that the government would take necessary steps by establishing a commission aimed at boosting the country’s economy.
Finance Minister Pun announced the creation of an Economic Reform Suggestion Commission with the goal of bolstering the economy.
Health Sector
The government has allocated Rs 86.24 billion for the health sector.
Unveiling the budget for the fiscal year 2024/25, Finance Minister Pun shared this information during the parliament meeting on Tuesday.
Irrigation facilities
The government has announced plans to expand irrigation facilities to an additional 15,500 hectares in the upcoming fiscal year.
Finance Minister Pun made this announcement while presenting the budget for the upcoming fiscal year.
Minister Pun disclosed that a budget of Rs 36.81 billion has been allocated for water resources and irrigation.
Comment