KATHMANDU: Finance Minister Barsha Man Pun stated that the government has initiated efforts for a new phase of economic reforms through the budget for the upcoming fiscal year.
In his address to a discussion on the budget for the fiscal year 2081-82 BS (2024-25), organized by the Finance Ministry today, the Minister claimed that the budget is capable of charting a path for economic reforms by accurately assessing the country’s economic situation.
The government, through the budget, announced the formation of a high-level task force to provide recommendations for necessary economic reforms, according to the Minister, who described the new budget as “civic-friendly.”
Minister Pun mentioned that the private sector and the major opposition party have also expressed optimism about the budget, noting that it has the potential to raise public hopes and encourage private sector involvement.
He emphasized that changes in tax rates were made based on necessity and relevance, and assured that the government remains unaffected by personal interests, prejudices, and sentiments in its decisions. “The budget promotes domestic production with a focus on agriculture, energy, and IT sectors, avoiding scattered priorities and objectives.”
The budget outlines an ambitious plan to achieve exports worth NPR 3,000 billion over the next ten years. It includes policies to promote domestic industries and production, and implements a two-tier tariff rate system for the import of ready-made products and raw materials, the Finance Minister said.
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